| | November 24, 2009
EXCALIBUR COMPLETES SECOND TRANCHE OF FINANCING AND DEBT SETTLEMENT
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| | Vancouver, British Columbia, Excalibur Resources Ltd. (the "Company") announces that it has closed the second tranche of a non-brokered private placement announced October 5, 2009 and issued an additional 18,000,000 shares at $0.01 per share for proceeds of $180,000. 10,650,000 shares issued in the second tranche will qualify as Flow Through Shares under the rules of the Canada Revenue Agency.
Of the total gross proceeds of $700,000 raised, $431,500 will be utilized for eligible Canadian exploration expenses incurred in exploration programs on the Company's Silver King project located in the Nelson Mining Division of British Columbia and the Sturgeon Lake project located in northwestern Ontario.
A 10% finder's fee of $4,500 cash and 600,000 common shares were issued at $0.01 per share to arm's length parties on a portion of the second tranche of the private placement.
The Company is also pleased to announce that it has settled aggregate debt totaling $172,325 by the issuance of 6,537,500 Common shares.
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:
"Tim Gallagher"
Chairman
For more information please contact:
Tel: 416-925-0090
Email: info@excaliburresources.ca
Website: www.excaliburresources.ca
The CNSX has neither approved nor disapproved of the contents of this press release |
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| | You can view the Next News Releases item: Tue Dec 1, 2009, EXCALIBUR intersects 4 meters of 14.1 oz/t Ag, 0.7g/t Au, 3.18% Cu at Silver King
You can view the Previous News Releases item: Tue Nov 17, 2009, NEWS RELEASE
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