VANCOUVER, Sept. 21, 2011 /CNW/ - Calico Resources Corp. (Calico or the
Company) (TSXV: CKB) is pleased to announce that it has arranged a
non-brokered private placement of 3,000,000 units of the Company (the
"Units") at a price of $0.50 per Unit for gross proceeds of
$1,500,000. Each Unit will consist of one common share and one-half of
one share purchase warrant ("Warrant"). Each full Warrant will entitle
the holder to purchase one common share of the Company for a period of
twelve months from the closing date, at an exercise price of $0.60 per
No finder's fees or commissions will be payable incidental to this
Closing of the Offering is anticipated to be on or about September 29,
2011, subject to receipt of applicable regulatory approvals including
acceptance of the TSX Venture Exchange.
The net proceeds from the Offering will be used for exploration,
environmental and permitting activities on the Company's Grassy
Mountain Project and for general working capital.
Bill Wagener, Calico's President and CEO, stated, " We believe that the
additional funds will help us immediately begin the permitting process
in conjunction with the current exploration program, which will
ultimately accelerate the development of the Grassy Mountain property".
Calico is committed to operating in a manner consistent with
"sustainable development" principles. The Company is executing a plan
to deliver on a strategy designed to increase shareholder value and is
confident that in so doing, it will benefit the employees, communities
and other stakeholders in the areas in which it operates.
On behalf of the Board,
W. S. Wagener
William S. Wagener
President & CEO
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.
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.
SOURCE Calico Resources Corporation
For further information:
Terri Anne Welyki - Vice-President of Corporate Development - 604-681-6855.