VANCOUVER, May 24, 2011 /CNW/ - Calico Resources Corp. (TSX-V: CKB) (the
"Company" or "Calico") is pleased to announce a non-brokered private
placement of 2,500,000 units at a price of $0.50 per unit, with an
overallotment option of an additional 15%. Each unit (a "Unit") will
consist of one common share and one-half of one share purchase
warrant. Each full warrant ("Warrant") will be exercisable into one
additional common share at a price of $0.60 per share for a period of
two years from the closing date ("Closing Date") of the financing.
The Company may pay a finder's fee in connection with the private
placement to certain parties who are instrumental in introducing
investors to the Company. The finder's fee shall be equal to 5% of the
amount of gross proceeds raised, payable in cash.
The private placement and finder's fees are subject to acceptance by the
TSX Venture Exchange.
The net proceeds will be used to explore and drill the Company's Grassy
Mountain Project which it optioned from Seabridge Gold Inc. and is
located in Malheur County, Oregon, approximately 70 miles west of
Boise, Idaho and 22 miles south of Vale, Oregon and for general working
On behalf of the Board,
William S. Wagener
President and CEO
Cautionary Statement This document contains "forward-looking statements" within the meaning
of applicable Canadian securities regulations. All statements other
than statements of historical fact herein, including, without
limitation, statements regarding exploration plans and other future
plans and objectives, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and future events and actual
results could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from our expectations are disclosed in the Company's
documents filed from time to time via SEDAR with the Canadian
regulatory agencies to whose policies we are bound.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE CALICO RESOURCES CORPORATION
For further information:
Terri Anne Welyki - Vice-President of Corporate Development - 604-681-6855