PGM's Volcanic Cinders can-cal.com
Wednesday October 10, 10:00 am Eastern Time
Press Release
SOURCE: Can-Cal Resources Ltd.
Can-Cal Resources Ltd. Secures $8 Million U.S. Commitment from Dutchess Private Equities Fund, L.P. and DRH Investment Company, LLC
LAS VEGAS--(BUSINESS WIRE)--Oct. 10, 2001--Can-Cal Resources Ltd. (OTCBB:CCRE - news) announced today that it has secured an $8 Million U.S. equity line of credit with Boston-based Dutchess Private Equities Fund, L.P. and DRH Investment Company, LLC.
Under the investment agreement with Dutchess and DRH, those entities are committed to buy up to $8 million dollars of common stock from Can-Cal Resources Ltd. from time to time in amounts as determined pursuant to the agreement between the parties.
``Following years of extensive research and development with respect to an extraction process for our Pisgah material, the company is now satisfied to continue to move forward to a production level. This financing will enable us to purchase the necessary equipment to commence production of gold and platinum group metals from our privately owned Pisgah Mountain property located in California. As a result of the uncertainties created within the world financial markets, precious metals have become a more intriguing option, a trend we expect will continue for some time. We selected Dutchess and DRH as our financing partners based on their track record and expertise, and look forward to a long and rewarding relationship with them,'' stated CEO Ron Sloan.
Ted Smith, Executive Vice-President Dutchess Advisors, Ltd. commenting on the financing stated, ``We are excited about our commitment to Can-Cal Resources, and believe that the Company can now begin to accelerate revenue growth with the commencement of its precious metals production from the approximately 3 million tons of stockpiled material available for shipment.''
The funding will also allow Can-Cal to continue further exploration and development on several of the companies other mining properties.
Further information about Dutchess Private Equities Fund, L.P., can be obtained at their website at www.dutchessadvisors.com |
