05:04:38 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Calico Resources Corp
Symbol CKB
Shares Issued 65,392,514
Close 2014-09-09 C$ 0.175
Market Cap C$ 11,443,690
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Calico Resources arranges $2-million financing

2014-09-10 09:06 ET - News Release

Mr. Paul Parisotto reports

CALICO ANNOUNCES A PRIVATE PLACEMENT FINANCING OF UP TO $2 MILLION

Calico Resources Corp. has arranged a non-brokered private placement of up to 13,333,333 units of the company at a price of 15 cents per unit. Each unit will consist of one common share and one-half of one transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the company for a period of 12 months from the closing date of the financing, at an exercise price of 18 cents per share for the first six months from closing and at 21 cents per share for the second six-month period.

The net proceeds from the offering will be used to make progress on two of the major goals established by the board in August as well as for general working capital purposes. First, in the near term, the company is moving ahead with a preliminary economic assessment (PEA) for its Grassy Mountain project to quantify its economic potential. A decision on the selection of an engineering firm for this assignment is expected shortly. Second, the financing will enable the company's technical team to continue to advance the permitting process toward a completed Division 37 application acceptable to the State of Oregon.

President and chief executive officer Paul Parisotto noted that the company's recent restructuring of its board and senior management has been well received by investors. "We are confident that we can complete the proposed funding even in the current difficult market environment."

The private placement is subject to receipt of applicable regulatory approvals, including the acceptance of the TSX Venture Exchange.

We seek Safe Harbor.

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