Calico Announces a Private Placement Financing of up to $2 million

Vancouver, BC / September 10, 2014 / ACCESSWIRE / Calico Resources Corp. (TSX-V: CKB) ("Calico" or "the Company") announces a non-brokered private placement of up to 13,333,333 units of the Company (the "Units") at a price of $0.15 per Unit. Each Unit will consist of one common share and one-half of one transferable share purchase warrant ("Warrant"). Each full Warrant will entitle the holder to purchase one additional common share of the Company for a period of 12 months from the closing date of the financing ("Closing"), at an exercise price of $0.18 per share for the first six months from Closing and at $0.21 per share for the second six month period.

The net proceeds from the Offering will be used to make progress on two of the major goals established by the Board in August as well as for general working capital purposes. First, in the near term, the Company is moving ahead with a Preliminary Economic Assessment (PEA) for its Grassy Mountain Project to quantify its economic potential. A decision on the selection of an engineering firm for this assignment is expected shortly. Second, the financing will enable the Company's technical team to continue to advance the permitting process towards a completed Division 37 application acceptable to the State of Oregon.

President and CEO Paul Parisotto noted that the Company's recent restructuring of its Board and senior management has been well received by investors. "We are confident that we can complete the proposed funding even in the current difficult market environment."

The private placement is subject to receipt of applicable regulatory approvals, including the acceptance of the TSX Venture Exchange.

Calico owns a 100% interest in the advanced stage Grassy Mountain gold project in Oregon. The project hosts a high grade NI 43-101-compliant resource consisting of an estimated 2,341,000 tonnes of Measured grading 9.48 grams per tonne (713,400 ounces), 95,000 tonnes of Indicated grading 8.75 g/T (26,700 ounces) and 14,700 tonnes of Inferred grading 8.75 g/T (4,100 ounces), calculated using a 2.7 g/T cutoff grade. Please see the Company's website at calicoresources.com for more information.

On behalf of the Board,

Paul Parisotto

President & CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy or sell securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

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.

Cautionary Statement

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.

For more information please contact: Alec Peck at 1 855-589-0400. 

SOURCE: Calico Resources Corp.