X-Cal Resources fka XCL

[marcos]

This post is wrong about the placement price, it was usd1.00 .... no excuse, i didn't have much time when briefly home in september, but shouldn't screw up like that ...... in any case, that pp plan is no longer operative, whole new deal announced yesterday - #reply-19456357

' X-Cal Resources Ltd. has agreed to the private placement of up to 30 million units at a price of CAN$ 0.68 per unit consisting of one common share and a half warrant. Two half warrants and CAN$ 0.72 will entitle the subscriber to an additional share for up to two years. The proceeds before any commissions will be CAN$ 20.4 million.

The private placement units above will replace the financing structure that was announced by X-Cal on September 12, 2003.

The proceeds will be used to exercise the X-Cal’s option on 100% of the Sleeper Mining Co., LLC, which holds mineral rights in the Sleeper Gold District, located in Humboldt County, Nevada, for X-Cal Resources Ltd. and Kinross Gold Corporation, and for general corporate purposes. In addition, X-Cal already holds 100% of approximately 5,000 acres of the thirty square mile Sleeper Gold District (see land map on page 10 of the 2003 X-Cal Resources Ltd. Annual Report, available on SEDAR or on the Company’s website www.x-cal.com) ... '

http://www.x-cal.com/news_releases/20031031.html