Attached files
| file | filename |
|---|---|
| 8-K - CAN CAL RESOURCES LTD | v207246_8k.htm |
Exhibit
99.8
For
Immediate Release
Can-Cal
Replaces Convertible Debenture Financing with Unit Private
Placement
January 4, 2011-- Las Vegas, Nevada,
USA Can-Cal Resources Ltd. (“Can-Cal”) (Trading Symbol: NASDAQ OTCBB –
“CCRE”) announced today that it has completed the first tranche of its
previously announced non-brokered private placement of Units for aggregate gross
proceeds of US$128,800. Can-Cal issued a total of 2,146,666 Units at
a price of US$0.06 per Unit. Each Unit consists of one common share
(“Common Share”) and one
Common Share purchase warrant (“Warrant”). Each
Warrant is exercisable into one additional Common Share at an exercise price of
US$0.08 per share until December 31, 2012.
The use
of proceeds will include but not be limited to: i) complete work-up of the 2
potential extraction processes that have currently been presented to determine
which process will be used to potentially prove up any precious metals, platinum
groups elements and/or other base metals on the Pisgah, California property and
the Wikieup, Arizona property; ii) to conduct a drill program to potentially
prove up the potential tonnages and subsequently any precious metals and/or
other base metals on the Wikieup, Arizona property; iii) to conduct a
comprehensive research and development program to ascertain the potential for
any rare earth elements on the Owl Canyon, California property; iv) to determine
and engage a qualified and comprehensive US and Canadian investor relations and
shareholder communications group; and v) strategic working capital
reserve.
Finders
acting in connection with the private placement are entitled to receive
aggregate fees of $2,790 and 46,500 Common Shares.
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.
FOR
FURTHER INFORMATION, PLEASE CONTACT:
G.
Michael Hogan, Chief Executive Officer
Can-Cal
Resources Ltd.
8205 Aqua
Spray Avenue
Las
Vegas, Nevada 89128
Tel:
(702) 243-1849
Email:
mining@lvcoxmail.com
Website:
www.can-cal.com
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.