Cadillac Ventures Announces $1.2M Private Placement
Cadillac Ventures Inc. (CDC.V) has received a subscription agreement from Sino-Canada Natural Resources Fund I to make an equity investment of $1.2 million in Cadillac. Under the terms of the agreement, Sino-Canada has subscribed for 20,000,000 units of the company at a price of $0.06 per unit.
On closing, Sino-Canada will own approximately 12.1% of Cadillac's issued and outstanding common shares (approximately 21.7% assuming full exercise of its warrants) and will become an "insider" of Cadillac.
Cadillac intends to use the proceeds from the private placement for expenditures on its Canadian exploration properties and for general working capital purposes.