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(PublicWire) — Can-Cal Resources Ltd. (“Can-Cal”) (OTCBB: CCRE) is pleased to announce that it has completed the fourth and final tranche of the US$350,000 non-brokered private placement, which was oversubscribed. The final tranche consisted of 1,144,000 units (“Units”) at a price of US$0.125 per Unit for gross proceeds of US$143,000. Each Unit consists of one common share (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant is exercisable into one Common Share at US$0.15 per share until March 31, 2011.
The combined proceeds from all four tranches of the private placement totaled US$370,825 with proceeds being allocated as follows: i. Exploration and development of Can-Cal‘s current properties, including ongoing laboratory methodology processing and metallurgy testing in relation to precious metal extraction from Can-Cal‘s Pisgah and Wikieup properties; ii. To rescind certain shares as per the requirements of the British Columbia Securities Commission in relation to the partial revocation of the Cease Trade Order; and iii. For general 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, Owl Canyon – California and Wikieup – Arizona.