VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2013) - Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE:CVN) announces that it has arranged a non-brokered private placement of up to 5 million flow-through units ("Units") at a price of $0.06 per Unit for aggregate gross proceeds of $300,000 (the "Offering"). Each Unit will be comprised of one flow-through common share ("Share") and one non-flow-through share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") for a period of 24 months from the closing date at an exercise price of $0.10 per Warrant Share.
The Company may, in its sole discretion, pay a finders' fee to agents of the Company consisting of: (i) a cash fee in an amount of 10% of the proceeds raised by such finder as part of this Offering, and (ii) a number of finder's warrants entitling the holder thereof to purchase that number of Shares of the Company ("Finder's Warrant") that is equal up to 10% of the number of units placed through the finder as part of this Offering. Each Finder's Warrant will entitle the holder to purchase one Share for a period of 12 months from the closing date at an exercise price of $0.10 per Finder's Warrant.
The proceeds raised will be used for general corporate purposes and for advancing two of its 100%-owned graphite projects, the Buckingham graphite project in the Buckingham Valley area of southwestern Quebec adjacent to the old Walker Mine and the CAGE graphite project in Ontario adjacent to Zenyatta Ventures Ltd. Albany property.
The private placement is subject to the approval of the TSX Venture Exchange.
The Company also announces the resignation of Lorne McCarthy as a Director of Cavan Ventures. The Company would like to thank Mr. McCarthy for his contributions and wish him well in his future endeavours.
Cavan Venture's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. For more information visit the website at www.cavanventuresinc.com.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Cavan Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the 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.