History
Can-Cal moved from Mexican gold sampling to its Pisgah property in California, funding itself through small placements, and in 2020 signed a processing deal with Archemetrix while short of cash.
2004-2005: Mexican gold prospects
Can-Cal began this record as a precious metals explorer working in Mexico through its wholly owned subsidiary, Sierra Madre Resources. In July 2004 the subsidiary finished first-phase sampling at its Arco Project in Durango State. Thirty-four of 44 rock chip samples contained gold, from 0.10 to 5.07 grams per tonne. These were surface samples only, with no drilling, and the company applied for a neighbouring 3,217-hectare concession.
In March 2005 the subsidiary signed two option agreements with Minera Apolo over gold-silver concessions in the Pinos District, paying with 218,750 restricted shares. By July, after a due diligence review, Can-Cal decided not to proceed. Minera Apolo had received 107,143 shares and then a further 111,607 shares, and the company said it would focus on its U.S. properties.
2009-2014: Small raisings and a Pisgah deal
The record then goes quiet until 2009. In May of that year Can-Cal sold 967,600 units at $0.125 for $120,950, to fund work at its Pisgah and Wikieup properties, to refund certain earlier share sales required by the British Columbia Securities Commission after a Cease Trade Order was partly revoked, and for working capital. In June 2010 it sold a 12% convertible debenture, though the amount was not stated. Early 2011 placements at $0.06 a unit followed, and shares on issue rose from 30.7 million at the end of 2010 to 38.9 million at the end of 2011, and 42.0 million a year later.
In October 2012 the company announced a US$500,000 convertible debenture to fund Wikieup drilling and working capital, and appointed Dr. Michael Giuffre to the board. The filings do not say whether it closed. In March 2014 Can-Cal restated its supply agreement with Candeo Lava Products, giving Candeo exclusive rights to remove Pisgah lava and cinders. Candeo had paid $64,750 in advance, and all mining remained subject to regulatory approval.
2015-2020: Pisgah partner and cash shortage
The offices moved from Las Vegas to Toronto in 2015, then Calgary in 2016, and Red Deer, Alberta, in 2020. Share numbers changed little, reaching about 43.7 million by 2017, and the beats do not explain the small rises.
On May 24, 2020 Can-Cal signed a definitive agreement with Archemetrix Mineral Resources to process up to 9 million tons from the 120-acre Pisgah property over up to 15 years, with Archemetrix paying all capital costs. Can-Cal would receive at least 40% of net profits from concentrate and a $1.2 million royalty advance, of which $100,000 had been received. Archemetrix received warrants over 5 million shares, which would dilute holders if exercised.
As of June 1, 2020, a pilot was expected in the third quarter of 2020. The company said its SEC filings had been delinquent for about two years for lack of capital, and that Alberta and British Columbia cease trade orders were in effect.
Written from the 8 story beats below (2004 to 1 June 2020), which come from the company's own announcements and filings.