Can-Cal Resources Ltd. cancelled the transaction announced on June 20, 2012.
On August 1, 2012, the company announced that it has closed the first tranche of the transaction for proceeds of $100,000. The company will issue 2,500,000 units at a price of $0.10 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share of the company at a price of $0.15 per share for two years from the date of issuance.
On October 24, 2012, Can-Cal Resources Ltd. cancelled the transaction.