MONTREAL, Dec. 22 /CNW Telbec/ - Caldera Resources Inc. (the "Corporation") announced that it intends to raise up to $405,000 in a non-brokered Private Placement of subscription receipts. The final closing date of the financing is scheduled for January 15, 2010. Completion of the private placement is subject to approval by the TSX Venture Exchange.
The Corporation will be offering investors a total of 3,600 Subscription Receipts (the "Receipts") priced at $112.50 per Receipt. The Receipts will be automatically converted to Common Shares (the "Shares") with an equal number of Share Purchase Warrants (the "Warrants") upon the completion of the Corporation's share consolidation on the TSX Venture Exchange. Caldera is holding its Special & Annual General Meeting on December 23, 2009. At the meeting, the Shareholders will also be asked to approve a resolution to consolidate the Corporation's common shares on a 1-for-10 basis. It is expected that the resolution will pass.
The Shares will be priced at a 25% discount to current market, on a post-consolidated basis. The conversion price for the Receipts will be set at $0.1125 per Share. Each Share issued will include 1 full Warrant. The exercise price of the Warrants would be set at $0.15 expiring in 24 months. Each Receipt held would be converted to 1,000 Shares and 1,000 share purchase warrants. There will be a 4 month hold on all shares issued.
The proceeds from the financing will be used for general working capital.
In other news, the Company has decided not pursue any of its current investments or future opportunities in Australia, but rather focus its resources on developing its JV with Global Gold Corporation of Greenwich, Connecticut. Caldera shall, subject to terms and conditions, earn a 55% interest in the Marjan Gold-Silver-Polymetallic Project after completing a bankable feasibility study on the project or spending US$3.0M on the property. Caldera is also pursuing the Lichkvaz-Tey gold project located in Southern Armenia.
The Company's main business is the acquisition, exploration and development of natural resource properties with a focus on sulphide projects that are amenable to bioleaching. The Company is seeking to acquire and develop the Lichkvaz-Tey gold property, located in the Republic of Armenia. The project is currently owned by the Armenian government.
The company has also entered into a letter agreement to form a Joint Venture whereby Caldera shall, subject to terms and conditions, earn a 55% interest in the Marjan Gold-Silver-Polymetallic Project after completing a bankable feasibility study on the project or spending US$3.0M on the property.
Lichkvaz-Tey Gold Project
The Lichkvaz-Tey gold property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 3.4 million tonnes grading on average 5.1 g/t Au, 33.2 g/t Ag and 0.41% Cu. This translates to approximately 575,000 oz of gold, 3.7 million oz of silver and 33.4 million pounds of copper. The Lichkvaz-Tey property is considered to be a refractory gold deposit and requires bioleaching technology to treat the ore to release the gold.
The Lichkvaz-Tey project is presently owned by the Armenian Government and is being pursued jointly by Caldera and BacTech Mining Corporation. BacTech is the owner of the patented BACOX Bioleaching Technology. BacTech has the option to acquire a 40% interest in Caldera's subsidiary, Biomine LLC, in return for providing technical support and test work for the project.
The Marjan Property
The Marjan property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 3.84 million tonnes grading on average 2.68 g/t Au, 97.3 g/t Ag. This translates to approximately 330,000 oz of gold, 12 million oz of silver.
The Marjan Gold-Silver-Polymetallic deposit is located in Armenia, some 28 km south-west of the village of Sisian and a 6 hour drive from the capital, Yerevan. Global Gold, through its wholly owned subsidiary Global Gold Hankavan LLC, holds a twenty-five year "special mining license" for the Marjan property. The license was issued April 22, 2008 and expires April 22, 2033. The license area covers approximately 18.5km2.
Armenia sits in a geological formation know as the Tethyan Belt, which contains some of the world's largest gold porphyry deposits. The Tethyan Belt is a major porphyry-related mineralized zone that extends across central and South-eastern Europe, Turkey, Armenia, Iran, Pakistan, through the Himalayan region into Burma, Malaysia, Indonesia and Papua New Guinea.
There are currently several mining companies extracting copper, zinc, molybdenum and gold in Armenia. Dundee Precious Metals operates the Kappan polymetallic mine, extracting zinc, copper, silver and gold. On the exploration front, Lydian Resources is drilling a 1 million oz gold inferred resource at its Amulsar project.
Mr. Jim Steel, MBA P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
Certain exploration results referred to herein are historical in nature and were compiled before NI 43-101. Caldera and has not independently analyzed the results of the previous exploration therefore the historical results should not be relied upon. Caldera believes these historical results provide an indication of the potential of the properties and are relevant to ongoing evaluation of the project.
THIS NEWS RELEASE INCLUDES CERTAIN "FORWARD-LOOKING STATEMENTS". ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT, INCLUDED IN THIS RELEASE INCLUDING FUTURE PLANS AND OBJECTIVES OF CALDERA, ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Additional information related to the Company is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
SOURCE CALDERA RESOURCES INC.
For further information: For further information: Bill Mavridis, President & CEO, Caldera Resources Inc., (514) 813-9200, firstname.lastname@example.org