Cadillac Ventures Inc. (TSX-V: CFC) has closed its non-brokered private placement with Trafigura Beheer, B.V. The private placement consists of 5,000,000 units being sold for $0.40 per unit resulting in gross proceeds of $2.0 million.
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Each unit contains 1 common share and ½ of a common share purchase warrant. A whole warrant can be exercised for 1 common share at $0.50 per share, for a period of 24 months. The proceeds will be used for exploration costs and general working capital.
Cadillac is a development-focused exploration Company which has the past-producing Thierry Property near Pickle Lake in Northern Ontario, two Canadian exploration projects, located in regions that have been historically active, and exploration projects in Spain.
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