Cavan Ventures Inc. Closes First Tranche of Flow through Private Placement
20.11.2017 | FSCwire
Vancouver - Cavan Ventures Inc. (V:CVN.H) (“Cavan” or the "Company”) is pleased to announce the Company has closed a first tranche of its previously announced non-brokered flow through private placement (see PR’s dated October 16, 2017 and November 17, 2017) issuing 2,985,000 units (the “Units”) at a price of $0.10 per Unit for aggregate gross proceeds of $298,500.Each Unit is comprised of one flow through common share (a "FT Share") and one half of one non-flow through Share purchase warrant (a "Warrant") of the Company. Each full Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at a price of $0.18 per Warrant Share for an 18 month period after the Closing Date. The warrants are subject to an acceleration clause, which states that the issuer will have the right to accelerate the expiry date of the warrants if, at any time, the average closing price of the shares is equal to or greater than 30 cents for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after the issuer issues a news release, announcing that it has elected to exercise this acceleration right. Finder’s fees of $22,000 will be payable including 220,000 broker warrants.
Proceeds raised from this Offering will also be used towards exploration expenditures on the Company’s St. Onge mineral property located in the Lac-Saint-Jean area in the Province of Quebec which was announced on August 2, 2017.
Cavan Venture’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. For more information visit the website at www.cavanventuresinc.com.
ON BEHALF OF THE BOARD
Peter P. Swistak
President
FOR FURTHER INFORMATION PLEASE CONTACT:
Cavan Ventures Inc.
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Forward-Looking Statement: Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Cavan Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the 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.
Source: Cavan Ventures Inc. (TSX Venture:CVN.H)