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VANCOUVER, July 22 /CNW/ - Cadillac Mining Corporation (TSXV:CQX) (the Company) is pleased to announce that a private placement (the Private Placement) of up to 2,000,000 Flow-Through Units of Cadillac at a price of $0.10 has been arranged with MineralFields Group for total proceeds of $200,000.
Each Flow-Through Unit will consist of one common share to be issued on a "flow-through" basis under the Income Tax Act (Canada) and one common share purchase warrant of the Company (the Unit Warrants). Each Unit Warrant has a term of 18 months, and will entitle the holder to purchase one Common Share at a price of $0.15. All securities issued pursuant to the Private Placement will be subject to four-month hold period. Fees comprising 100,000 24-month brokers' options exercisable at $0.10 are payable to each of First Canadian Capital Corporation and Limited Market Dealer Group, while the latter will also receive a cash payment of $10,000. The Private Placement is subject to approval by the TSX Venture Exchange.
Cadillac intends to conduct meaningful but modest 2008 exploration programs with the proceeds, and thereby protect its attractive capital structure whilst market conditions remain depressed. Drilling programs are expected to commence shortly, and will be announced as initiated.
The management of Cadillac Mining is pleased to be commencing a relationship with MineralFields Group. Hopefully this is an important milestone in the growth of Cadillac, and we look forward to working with MineralFields Group as we develop and expand our base and precious metal exploration holdings in North America.
About MineralFields, Pathway and First Canadian Securities (R):
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MineralFields Group (a division of Pathway Asset Management) is a Toronto- and Vancouver-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com . First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.
About Cadillac Mining Corporation:
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Cadillac Mining Corporation is a junior resource company focused on the acquisition, exploration and development of precious and base metal mineral properties across Canada. Current activities include gold prospects near Rouyn-Noranda, Quebec and a growing number of base-precious metal projects in British Columbia.
Statements contained in this release that are not historical facts may be "forward-looking statements". Such statements are subject to risks and uncertainties and other factors which may cause actual developments or results or level of activity or performance to vary materially from those projected by Management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release, which has been prepared by Management.
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