VANCOUVER, June 19, 2014 /PRNewswire/ - Calico Resources Corp. (TSX-V: CKB) ("Calico") announces that it has received the consent of the TSX Venture Exchange to extend until July 15, 2014, the time in which it can close its private placement financing, which was originally announced March 25, 2014.
In its news release of April 30, 2014, Calico announced the closing of a first tranche of the financing, raising $293,000 and that a second tranche was expected to close by May 15. The Company intends to close a second tranche of the financing shortly.
Calico's intention is to raise a total of up to $2.0 Million by the issuance of 16.67 Million units at the price of $0.12 per unit. Each unit will comprise of one common share and one-half of one transferable share purchase warrant, with each full warrant entitling the holder to purchase a further share at the price of $0.15 up to one year from the date of the closing of the private placement.
The proceeds of the private placement will be used to pay a royalty holder and advance the permitting process of Calico's high grade underground gold deposit, the Grassy Mountain Project, located in south east Oregon.
All securities to be issued under the private placement will be subject to a four month hold period and the securities to be issued to US residents, will also be subject to resale restrictions under US securities laws.
On behalf of the Board,
Arden (Buck) Morrow,
President, CEO and Chairman
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.
SOURCE Calico Resources Corporation