TORONTO, ONTARIO--(Marketwire - July 11, 2012) - Calvista Gold Corporation (TSX:CVZ)(OTCQX:CAGOF) ("Calvista" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement financing of up to 3,750,000 units (the "Units") at a price of C$0.40 per Unit for gross proceeds of up to C$1,500,000 (the "Offering").
Each Unit will consist of one common share in the capital stock of Calvista ("Common Share") and one-half (1/2) of one Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share for C$0.45 for a period of 24 months from the date of issuance. All securities issued in conjunction with the Offering will be subject to a statutory fourth month and one day hold period. Calvista intends to use the net proceeds from the Offering to acquire mining titles, fund continued exploration on Calvista's assets, namely its California Project in Colombia, and for general working capital purposes. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities. Calvista intends to close the Offering on or around the week of July 16, 2012.
The Company further announces that it is negotiating a financing arrangement of up to C$1,500,000 that would be used at the sole discretion of Calvista for the upcoming Phase III drilling program. Further details will be announced.
Calvista is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. All our prospects in the California Valley are located below 3,200 metres and are not affected by the Paramo ecosystem law. With a head office in Toronto and Colombian headquarters in Bucaramanga, Calvista is led by a management team with over 50 years of exploration and mining experience, principally in South and Central America. For further details on Calvista, please refer to our web site (www.calvistagold.com) and Calvista's Canadian regulatory filings on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Calvista's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in a jurisdiction such as Colombia, and those risks set out in Calvista's public documents filed on SEDAR. Although Calvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Calvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.