Non-brokered sale of 5 million units funds diamond drilling program
By Devika Patel
Knoxville, Tenn., May 22 - Cadillac Mining Corp. said it raised C$421,000 in the first tranche of a C$1 million non-brokered private placement of units on May 15. The deal priced on April 11, and the company said on May 7 that it would raise C$443,000 in the first tranche, but C$22,000 of those subscriptions were determined to be ineligible.
The company is selling 5 million units of one common share and one half-share warrant at C$0.20 per unit. It sold 2,105,000 units in the first tranche.
Each whole warrant will be exercisable at C$0.40 until Nov. 15, 2013. The strike price reflects a 90.48% premium to the April 10 closing share price of C$0.21.
Proceeds will be used primarily in the company's diamond drilling program on its Goldstrike Project in Utah.
Cadillac Mining is a precious and base metal exploration and development company based in Vancouver, B.C.
| Issuer: | Cadillac Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Nov. 15, 2013
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | April 11
|
| Settlement date: | May 15 (for C$421,000)
|
| Stock symbol: | TSX Venture: CQX
|
| Stock price: | C$0.21 at close April 10
|
| Market capitalization: | C$4.73 million
|
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