Cadillac Announces Proposed Shares for Debt Exchange
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/07/15 -- Cadillac Ventures Inc. (TSX VENTURE: CDC)(OTC: CADIF) ("Cadillac" or the "Company") announced today that, subject to TSX Venture Exchange approval, the Company will undertake an exchange of existing debt in the amount of CAD$ 847,830 for 15,956,600 new ordinary shares representing 48.8 per cent of the enlarged issued share capital. Norman Brewster (President & Chief Executive Officer) will exchange debt of CAD$ 300,000 for 5,000,000 new ordinary shares representing 15.3 per cent of the enlarged issued share capital. Leo O'Shaughnessy (Chief Financial Officer) will exchange debt of CAD$ 175,000 for 3,500,000 new ordinary shares representing 10.7 per cent of the enlarged issued share capital. Following the debt settlement Mr. Brewster and Mr. O'Shaughnessy will hold 18.3 per cent and 10.9 per cent of Cadillac's enlarged issued share capital respectively. Certain other third party creditors have also agreed to exchange debts totaling CAD$ 372,830 through the issue of 7,456,600 new ordinary shares representing 22.8 per cent of the enlarged issued share capital. No Warrants will be attached to the new ordinary shares issued in relation to any of the equity for debt exchange.
The conversion price is $0.06 for Norman Brewster (President & Chief Executive Officer), and $0.05 for Leo O'Shaughnessy (Chief Financial Officer) and other third party creditors.
Completion of the shares for debt exchange is subject to receipt of TSX Venture Exchange approval. All of the securities issuable in connection with the Offering will subject to a hold period expiring four months after the closing date.
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.
Contacts:
Cadillac Ventures Inc.
Norman Brewster
President and Chief Executive Officer
416 203-7722
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Datum: 07.08.2015 - 20:45 Uhr
Sprache: Deutsch
News-ID 412414
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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