Can-Cal Resources Ltd.
OTC Bulletin Board : CCRE

Can-Cal Resources Ltd.

February 19, 2010 09:00 ET

Can-Cal Resources Ltd. Announces Final Closing of Financing

LAS VEGAS, NEVADA--(Marketwire - Feb. 19, 2010) - 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.

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.

Contact Information

  • Can-Cal Resources Ltd.
    Michael Hogan
    Chief Executive Officer
    (702) 243-1849
    (702) 243-1869 (FAX)