Cadillac Updates Closing of $1.2M Private Placement

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Cadillac Ventures Inc. (CDC.V) provided an update regarding the anticipated closing of its $1.2 million private placement to Sino-Canada Natural Resources Fund I announced on March 1, 2013.

Sino-Canada has entered into an irrevocable subscription agreement to acquire 20,000,000 units of the company at a price of $0.06 per unit. 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 of Sino-Canada. The forms were submitted at the beginning of April and the TSX has advised that clearance 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).

Cadillac intends to use the proceeds from the private placement for expenditures on its Canadian exploration properties and for general working capital purposes.



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This article appears in: Investing , Commodities

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