VANCOUVER, BRITISH COLUMBIA, Mar 31, 2009 (Marketwire via COMTEX) —-X-Cal Resources Ltd. (TSX:XCL) has completed a private placement offering of 15,348,616 units at $0.065 per unit via private placement memorandum. The gross proceeds from the private placement are $1,000,000 via private placement memorandum.
Each unit consists of one common share and one-half common share purchase warrant. Two half-warrants and $0.10 entitles the holders to purchase an additional common share until March 30, 2011.
The private placement offering of shares and any shares issued upon exercise of the warrants are subject to a four-month hold period.
A 5% cash commission has been paid and a warrant to purchase 769,231 shares at $0.065 issued to an agent in consideration of arranging the private placement offering. The broker’s warrant is for shares only and is valid for two years.