Cadillac Mining Corporation Revises Terms of Private Placement
Vancouver, British Columbia CANADA, December 08, 2011 /FSC/ - Cadillac Mining Corporation (CQX - TSX Venture), announces that due to market conditions it has revised the terms of the private placement announced on October 31, 2011.
Subject to approval by the TSX Venture Exchange, the non-brokered private placement will now consist of a maximum of 2,000,000 Units of the Company at a price of $0.075 per Unit for gross proceeds of $150,000. Each Unit comprises one common share and one warrant, each warrant exercisable at $0.15 for 24 months from closing of the Placement.
A finder's fee will be paid on a limited portion of the placement as to 8% in cash, and 10% in brokers' warrants exercisable at $0.15 for 18 months from closing of the Placement.
The net proceeds of the Placement will be utilized in the Company's Phase One drilling program on its 100%-owned Goldstrike Project in southwestern Utah, and for general working capital purposes.
As reported on November 15th, the permitting of 22 angle reverse circulation drill holes planned primarily for the West Hamburg target has been issued by the Division of Oil, Gas & Mining (OGM) of the Utah Department of Natural Resources. The re-opening of approximately 200 meters of previously reclaimed drill access road is currently underway, so that drilling can commence this week.
About Cadillac Mining Corporation
Cadillac Mining Corporation is a junior exploration and development company based in Vancouver, Canada focused on large-scale precious and base metal projects in the Abitibi geological province in Canada, and the Great Basin in the western USA. The Company's long term objective is the discovery of a major deposit through carefully planned exploration programs. Its business model provides shareholders access to a wealth of exploration experience, dedicated management and the opportunity to experience discovery through a very conservatively capitalized company. The Company has approximately 27 million shares outstanding.
Disclaimer
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.
Neither 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 the release.
For more information, please contact:
Website www.cadillacmining.com
Investor Relations Gus Garisto 416-805-3106
Bay Street Connect
Company Victor Erickson 604-684-7300
President & CEO
v.erickson@cadillacmining.com
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/cadillac12082011.htm
Source: Cadillac Mining Corporation (TSX-V: CQX) http://www.cadillacmining.com
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