Cadillac Closes Private Placement for $900,000
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/10/17 -- Cadillac Ventures Inc. (TSX VENTURE: CDC)(OTC: CADIF) ("Cadillac" or the "Company") is pleased to report Anconia Resources Corp. (TSX VENTURE: ARA) ("Anconia") is exercising its option to obtain a 100% ownership interest in the Grenfell Gold property in Kirkland Lake, Ontario. Anconia held a 60% interest in this property under an earn in - option agreement executed in 2014. Anconia will issue 5 million common shares to Cadillac to acquire the remaining 40% of the property from Cadillac which Anconia does not own. The shares will be subject to a hold period of 4 months and one day from the date of issuance. Cadillac will retain a 2% net smelter returns royalty on the Property, of which Anconia is entitled to purchase 1% at any time up to 2 years after the commencement of commercial production, for $1,000,000. Closing of this acquisition is subject to TSX Venture Exchange approval.
Company President Norman Brewster commented, "Cadillac is pleased that Anconia is proceeding with the Grenfell Gold property and looks forward to future participation in the project as a shareholder of Anconia and a royalty holder".
Property Highlights
The Grenfell Gold property consists of 16 patented mining claims and 2 staked claims, for a total land area of 3.8 square kilometers, in the well established Kirkland Lake gold mining district. The property is approximately 5km along strike from the currently producing Macassa Mine.
Gold was discovered on the property in 1917 and an exploration shaft was sunk to 25 feet and the property was subsequently acquired in 1926 by Four Nations Reserve Mining Company Inc. Between 1926 and 1928 the shaft was extended to 536 feet and levels were established at 125, 250, 375, and 500 feet. Approximately 2500 feet of lateral development was undertaken at this time, mostly on the 500 foot level. The underground workings of the mine are not currently accessible, and their condition is unknown.
Mr. Brian H Newton P.Geo of Minroc Management Limited. and a "qualified person" pursuant to National Instrument 43-101, has reviewed and approved the technical disclosure in this press release on behalf of Anconia.
For more information regarding Cadillac, please visit the Company's website at .
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: 10.04.2017 - 13:21 Uhr
Sprache: Deutsch
News-ID 535460
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Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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