LAS VEGAS, NEVADA--(Marketwire - Aug. 1, 2012) - Can-Cal Resources Ltd. ("Can-Cal") (OTCBB:CCRE) is pleased to announce that it intends to complete a non-brokered private placement of units ("Units") at a price of $0.10 per Unit for gross proceeds of up to US$250,000. Each Unit will consist of one common share ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant will be exercisable into one additional Common Share at an exercise price of US$0.15 per share until the date that is two years from the date of issuance.
Can-Cal also announced that it has completed the closing of the first tranche of the Unit private placement for gross proceeds of US$100,000. Can-Cal issued a total of 1,000,000 units at a price of US$0.10 per Unit.
The proceeds from the private placement will be allocated as follows:
- Exploration and development of Can-Cal's current properties, including ongoing laboratory processing and metallurgy testing in relation to precious metal extraction from Can-Cal's Wikieup, Cerbat and Pisgah properties; and
- Strategic working capital requirements.
About Can-Cal Resources
Can-Cal is an emerging precious metals exploration company actively engaged in identifying commercial mining opportunities. Can-Cal is currently focusing its efforts on the following three properties: Pisgah, California, Wikieup, Arizona and Cerbat, Arizona.
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important factors and assumptions that should be considered is contained in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.