TORONTO, ONTARIO--(Marketwire - May 23, 2012) - Excalibur Resources Ltd. ("Excalibur" or the "Company") (CNSX:XBR)(FRANKFURT:X9CN) announces, further to its news release of April 16, 2012, that it has completed a non-brokered private placement of 8,060,535 Units at $0.145 per Unit for a total of $1,168,777. Each Unit consists of one common share and one-half share purchase warrant. Each whole warrant is exercisable to acquire an additional common share at $0.20 per share for a one year period.
Net proceeds will be applied to working capital and to the Company's Catanava gold production project in Mexico. "After the current financing, the Company will have about $1.2 million in cash. Since signing the deal September 2010, we have invested an average $100,000 per month into the Catanava Project. We are very pleased to have an oversubscribed financing, particularly in a weak market, which is a real testament of support for the project from our new shareholders," commented, Tim Gallagher, Chairman.
Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious and base metal mineral resources.
On behalf of the Board of Directors:
Tim Gallagher, Chairman
The CNSX has neither approved nor disapproved of the contents of this press release.
Contact Information:
Tim Gallagher
Chairman
416-987-0298
info@excaliburresources.ca
www.excaliburresources.ca