Vancouver, BC / ACCESSWIRE / October 17, 2014 / Calico Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") is pleased to announce that it has closed its second and final tranche of its non-brokered private placement announced on September 10, 2014. In this tranche, the Company issued 4,090,000 units at a price of $0.15 per unit for gross proceeds of $613,500.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable to acquire an additional common share for a period of 12 months, at an exercise price of $0.18 per share for the initial six months and $0.21 for the final six months.
All securities issued by the Company in connection with the private placement are subject to a statutory hold period which expires on February 18, 2015.
"The proceeds of the two tranches closed in this private placement financing, totaling $1,808,000, net of related fees and expenses, will be used to advance two of the Company's major goals. First, in the near term, the Company will be moving ahead with a Preliminary Economic Assessment (PEA) for its Grassy Mountain Project to quantify its economic potential. Secondly, the financing will enable the Company's technical team to continue to advance the permitting process towards a completed Division 37 application acceptable to the State of Oregon. A portion of the proceeds will also be used for general working capital purposes," stated Paul Parisotto, President and CEO.
Calico owns a 100% interest in the advanced stage Grassy Mountain gold project in Oregon. The project hosts a high grade NI 43-101-compliant resource consisting of an estimated 2,341,400 tonnes of Measured grading 9.48 grams per tonne (713,400 ounces), 95,100 tonnes of Indicated grading 8.75 g/T (26,700 ounces) and 14,700 tonnes of Inferred grading 8.75 g/T (4,100 ounces), calculated using a 2.7 g/T cutoff grade. Please see the Company's website at calicoresources.com for more information.
Michael F. McGinnis, CPG 10914 is Calico's Project Manager and the Company's Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects. He has reviewed and approved the technical information disclosed in this news release.
On behalf of the Board,
Paul A. Parisotto
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.
This news release does not constitute an offer to sell or a solicitation of an offer to buy or sell securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.
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.
For more information please contact: Paul A. Parisotto at 1 855-589-0400 or you can refer to the Company's website: www.calicoresources.com.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
SOURCE: Calico Resources Corp.