Calico Arranges $1,500,000 Private Placement Financing

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 common share.

No finder's fees or commissions will be payable incidental to this financing.

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.

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.

SOURCE Calico Resources Corporation

For further information:

Terri Anne Welyki - Vice-President of Corporate Development - 604-681-6855.

Profil de l'entreprise

Calico Resources Corporation

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