EX-5.0 4 ex5sb2debenture.txt OPINION & CONSENT OF COUNSEL EXHIBIT 5.0 and 23.1 THE LAW OFFICE OF STEPHEN E. ROUNDS 4635 EAST EIGHTEENTH AVENUE DENVER, COLORADO USA 80220 TEL. 303.377.6997 FAX 303.377.0231 SERCOUNSEL@MSN.COM ADMIN. OFFICE 307.856.2467 SRA@WYOMING.COM August 12, 2002 Can-Cal Resources Ltd. 8221 Cretan Blue Lane Las Vegas, Nevada 89128 Re: Registration Statement on Form SB-2 SEC File No. 333-72252 Gentlemen: Can-Cal Resources Ltd. ("Company") has filed a registration statement for the offer and sale of up to 1,030,000 shares of Common Stock, including 30,000 shares common stock issued as payment for services, resale of up to 950,000 shares of common stock issuable upon conversion of principal payments to shares under a convertible debenture, and 50,000 shares issuable upon exercise of warrants. We have acted as counsel to the Company in connection with the preparation and filing of the registration statement. Our opinion and consent is required in connection with such registration statement. Such opinion and consent are to be filed as separate exhibits to the initial filing of the registration statement. DOCUMENTS REVIEWED I have examined originals, certified copies or other copies identified to my satisfaction, of the following: 1. Articles of Incorporation of the Company. 2. Amendment to the Articles of Incorporation. 2. Bylaws of the Company. 3. All exhibits listed in Part II of the registration statement on Form SB-2. 4. Part I of the registration statement. 5. Other documents as appropriate under the circumstances. Can-Cal Resources Ltd. August 12, 2002 Page -2- I have also consulted with officers and representatives of the Company, and received such representations and assurances concerning the exhibits described in paragraph 3 and the registration statement described in paragraph 4, as necessary under the circumstances. Although we have not undertaken independent verification of the matters covered by this paragraph, we have no reason to believe that the representations and assurances received are materially inaccurate or false. OPINION The following opinion is subject to compliance by the Company with applicable state securities laws, to declaration of effectiveness of the Company's registration statement, and to the last sentence of this paragraph. Based on review of the documents listed above, it is our opinion that the shares of common stock to be offered and sold by the Company will be duly and validly issued, fully paid and non-assessable shares of the common stock of the Company. No opinion is expressed, and none shall be inferred to be expressed, with respect to the financial statements contained in the registration statement. This opinion has been delivered to you for the purpose of being included as an exhibit to the registration statement and is intended solely for your benefit. Yours Sincerely, /s/ Stephen E. Rounds