TORONTO, ONTARIO--(Marketwired - April 22, 2013) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to provide the following update regarding the anticipated closing of its $1.2 million private placement to Sino-Canada Natural Resources Fund I ("Sino-Canada") announced on March 1, 2013.
Sino-Canada has entered into an irrevocable subscription agreement (accepted by the Company) to acquire 20,000,000 units ("Units") of the Company at a price of $0.06 per Unit. Each Unit consists of one common share of Cadillac and one common share purchase warrant, exercisable for 30 months following closing for an additional common share at $0.10. Sino-Canada has advanced the full $1.2 million subscription amount and such funds are being held in escrow by McMillan LLP, as escrow agent, pending formal closing of the private placement.
Formal closing of the private placement is delayed pending clearance by the TSX Venture Exchange of Personal Information Forms ("PIFs") of Sino-Canada, which forms were submitted to the Exchange at the beginning of April. The Exchange has advised that clearance of the PIFs will likely take a few more weeks. Clearance of these PIFs prior to closing is required because on closing, Sino-Canada will become an 'insider' of Cadillac through its ownership of approximately 12.1% of Cadillac's issued and outstanding common shares (approximately 21.7% assuming full exercise of its warrants).
On closing, Cadillac will pay a finder's fee payable in cash and non-transferable warrants in connection with the private placement.
Cadillac intends to use the proceeds from the private placement for expenditures on its Canadian exploration properties and for general working capital purposes.
Grant of Options
The Company also announces that it has granted an aggregate of 2,700,000 options to acquire common shares of Cadillac at an exercise price of $0.10 per share pursuant to its stock option plan. The options granted include 2,475,000 options granted to directors and officers of Cadillac. All options granted will have a term of five years and will expire on April 22, 2018.
About Cadillac
Cadillac is a development-focused copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
In addition, Cadillac also holds a 51% interest in the Burnt Hill Project, a historic tungsten/tin mine taken to test production by Mr. Norman Brewster P.Geo for Canadian International Paper during the early 1980's. Cadillac looks forward to resuming the development of this project.
About Sino-Canada
Sino-Canada is a Cayman Islands registered private equity fund focused on investments in Canadian listed and private companies that develop and operate natural resource projects (mining, oil & gas, forestry) worldwide. Sino-Canada is managed in Hong Kong on behalf of private investors from China.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Norman Brewster
President and Chief Executive Officer
416 203-7722
www.cadillacventures.com