Cadillac Closes Flow-Through Financingadmin
January 1, 2009 Filed Under: Mining Investment, Mining Stocks
Cadillac Ventures Inc. has closed the previously announced flow through financing. The Company has raised, by way of private placement, gross proceeds of $145,000 through the sale of 580,000 flow-through units at a price of $0.25 per unit. Each unit is comprised of one flow-through common share and one half of one warrant, each whole warrant exercisable for a period of 18 months from closing into one common share, at an exercise price of $0.35 per whole warrant. This non-brokered private placement remains subject to all applicable regulatory approvals and the securities issued hereunder will be subject to resale restrictions for a period of four months. The proceeds from this financing will be used for exploration expenses.
Cadillac is a development focused exploration Company which, in addition to the MATSA Huelva Joint Venture has two Canadian exploration projects, located in regions that have been historically active.
The New Alger project is a wholly owned, previously productive gold mine, located outside of Cadillac, Quebec. The Company has commenced a long term drill program designed to identify the scope of mineralization present on the Company’s property along the Cadillac break, and outline new mineralization untouched by the historic, shallow, mining operations.
The Burnt Hill Project is 51% owned by the Company and located outside of Fredericton, New Brunswick. This operation was previously productive with a small scale pilot plant operating onsite recovering tungsten via photometric sorting. In recent drill campaigns the Company has received assay results demonstrating the previously disregarded presence of molybdenum and tin on the property. The objective of the drilling programs is the delineation of a 43-101 compliant reserve and resource, focusing in some part on the areas of historic production, in addition to the mineralization newly demonstrated at depth and along strike. The Company has also added significantly to the land position of this project, encompassing several other surface showing of tungsten, tin and molybdenum.