Column: Trump 2.0 won’t reverse Biden’s critical minerals push
Donald Trump has described the Inflation Reduction Act (IRA) as a "green scam" and vowed to repeal it after he returns to the White House in January.
TORONTO, ONTARIO–(Marketwire – Nov. 24, 2011) – Cadillac Ventures Inc. (TSX VENTURE:CDC) (“Cadillac” or the “Company“) is pleased to announce the closing of the first tranche of a private placement financing led by NCP Northland Capital Partners Inc. and including Stifel Nicolaus Canada Inc. and Secutor Capital Management Corporation (collectively, the “Agents“) (see the Company’s news releases dated October 26, 2011 and November 15, 2011) (the “Offering“). Pursuant to the Offering, an aggregate of 11,039,196 flow-through units (“FT Units“) were sold at a price of $0.23 per FT Unit for aggregate gross proceeds of approximately $2.5 million. Each FT Unit consists of one common share issued on a “flow-through” basis and one-half of one common share purchase warrant issued on a “flow-through” basis. Each whole warrant (a “Warrant“) entitles the holder to purchase one common share of the Company at a price of $0.35 for a period of 24 months following closing.
The aggregate gross proceeds raised from the sale of the FT Units under the Offering will be used for Canadian Exploration Expenses on the Company’s Thierry Property in Ontario.
The Company intends to close a second tranche of the Offering in December 2011.
The Agents were paid a cash commission equal to 7% of the gross proceeds of the Offering raised from subscribers introduced to the Company by the Agents. In addition, the Agents were issued an aggregate of 759,657 non-assignable warrants of the Company (the “Broker Warrants“). Each Broker Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.21 per share for a period of 24 months following closing.
All of the securities issued under this first tranche of the Offering are subject to a statutory hold period in Canada expiring on March 25, 2012.
As part of the Offering, certain directors of Cadillac subscribed for an aggregate of 186,956 FT Units on a non-brokered basis. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), the issuance of the FT Units to the directors of Cadillac constitutes a “related party transaction”. The Company is exempt from obtaining both a formal valuation and minority shareholder approval in connection with the issuance of the FT Units to the directors because neither the fair market value of the common shares and warrants issued to the directors under the Offering, nor the consideration for such securities, exceeds 25% of the Company’s market capitalization as calculated in accordance with MI 61-101.
About Cadillac
Cadillac is a development-focused copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
Thierry Mine Deposit
The Thierry Mine is a past producing mine with a current resource estimate consisting of 8.3 million tonnes measured and indicated grading 1.73% Cu and 0.20% Ni, and 14.6 million tonnes inferred grading 1.70% Cu and 0.16% Ni, using a cut-off NSR of C$46.30/tonne. The deposit remains open at depth and to the west.
K1-1 Deposit
The K1-1 is a potentially open-pit, large tonnage, low grade deposit located approximately 3 km from the past producing Thierry Mine. The inferred mineral resource estimate for K1-1 within a Whittle pit shell consists of the following 20 million tonnes grading 0.42% Cu, 0.10% Ni, 2.0 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, 0.15 g/t Pd. The K1-1 Deposit is open along strike and at depth.
For more information regarding Cadillac, please visit the Company’s website at www.cadillacventures.com.
Forward-Looking Statements
This news release contains forward-looking statements and information under applicable securities laws, including with respect the Company’s anticipated use of proceeds and the completion of a second tranche and the timing related thereto. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals (including from the TSX Venture Exchange), licences and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and Cadillac assumes no obligation to revise or update these forward-looking statements except as required by applicable law. All dollar amounts are in Canadian dollars unless otherwise noted.
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 this release.
