Vancouver, British Columbia (FSCwire) – CAVAN VENTURES INC. (V:CVN.H) (“Cavan” or the “Company”) is pleased to announce that further to its new releases of June 15, 2017, July 20, 2017 and September 14, 2017, it has closed its non-brokered private placement of 20,244,000 units at $0.05 per unit for total gross proceeds of $1,012,200. Each Unit is comprised of one common share (“Share”) and one common share purchase warrant of the Company (“Warrant”). Each Warrant will entitle the Subscriber to purchase one Warrant Share for a 12 month period after the Closing Date at an exercise price of $0.075 per share.
In connection with the private placement, the Corporation paid cash finder’s fees totalling $34,750 and issued 695,000 share purchase warrants (“Finder’s Warrants”). Each Finder’s Warrant is exercisable into one common share of the Corporation at a price of $0.05 per Finder’s Warrant share until September 25, 2018.
All securities issued under the offering are subject to a statutory hold period expiring on January 26, 2018.
Proceeds raised from this Offering will be used towards acquisition costs for the St. Onge mineral property located in the Lac-Saint-Jean area in the Province of Quebec which was announced on August 2, 2017. Closing of the acquisition of the St. Onge mineral property is dependent upon the proceeds of this Offering. Proceeds raised from this Offering will also be used towards exploration expenditures on the Company’s Kaslo Property located in the Slocan Mining District in British Columbia, repayment of indebtedness, administrative expenses and general working capital.
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:
Toll Free: 1-888-945-4770
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.