VANCOUVER, July 7, 2014 /PRNewswire/ - Calico Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") is pleased to announce the closing of the second tranche of its non-brokered private placement originally announced on March 25, 2014. In this second tranche, the Company issued 800,000 units at a price of $0.12 per unit. The total gross proceeds raised in this tranche amount to CDN$96,000.00.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable into one additional common share at a price of $0.15 per share for a period of one year, expiring July 3, 2015.
All securities issued by the Company in connection with this portion of the private placement are subject to a statutory hold period and may not be traded until November 4, 2014.
In its news release of June 19, 2014, the Company announced it had 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. The Company therefore anticipates holding a third closing shortly.
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.
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