Excalibur Resources Announces $1,000,000 Private Placement
FOR IMMEDIATE RELEASE Toronto CNSX: XBR April 12, 2010 Frankfurt WKN: A0MMDH
EXCALIBUR RESOURCES ANNOUNCES $1,000,000 PRIVATE PLACEMENT
Excalibur Resources Ltd. (the “Company”) is pleased to announce that it has arranged a non-brokered private placement of up to $1,000,000. A portion of this financing will be Units at $0.175 per Unit, each Unit consisting of one Flow Through Common Share and one Non-Flow Through share purchase warrant exercisable at $0.25 per share in the first year and at $0.30 per share in the second year. The Flow Through Shares forming part of the Units issued at $0.175 per Unit will qualify as Flow Through Shares under the rules of the Canada Revenue Agency.
The second portion of this financing will be for Non-Flow Through Units at $0.15 per Unit, each Unit consisting of one Common Share and one share purchase warrant exercisable at $0.25 per share in the first year and at $0.30 per share in the second year.
In the event that four months and one day after the closing, the volume weighted average trading price of the Company’s common shares for a period of 20 consecutive trading days exceeds $0.50 the Company may, within five days after such an event, provide notice to warrant holders of early expiry and hereafter, the Warrants will expire on the date which is 30 days after the date of the notice to the warrant holders.
Net proceeds will be used to further the Company’s exploration programs on the Silver King Property near Nelson, British Columbia and the Sturgeon Lake Property in northwestern Ontario, and applied towards general working capital. A finder’s fee may be payable on a portion of the proceeds raised.
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: For more information please contact:
Tel: 416-987-0298
“Tim Gallagher” Email: [email protected]
Chairman Website: www.excaliburresources.ca
The CNSX has neither approved nor disapproved of the contents of this press release.