Cavan Ventures Inc. Announces Non-Brokered Private Placement
February 08 2011 - 9:00AM
Marketwired
Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE: CVN),
a public mineral exploration company based in Vancouver, British
Columbia, is conducting a non-brokered private placement (the
"Private Placement") of up to $540,000. Cavan intends to issue up
to 6,000,000 units (the "Units") at a price of $0.09 per Unit. Each
of the Units will consist of one common share, plus one half of a
non-transferable share purchase warrant. Each whole warrant will
entitle the holder thereof to purchase one additional common share
of the Company at a price of $0.15 per share for a period of two
years following the closing of the Private Placement.
The net proceeds of the non-brokered Private Placement will be
used to identify, evaluate and secure potential acquisitions of
mineral properties and for general corporate working capital. In
connection with the Private Placement, Cavan may pay cash
commissions and finders' fees to certain finders in an amount equal
to 8% of the proceeds from the sale of the Units and may further
issue finders' warrants (the "Finders' Warrants") equal to 10% of
the proceeds from the sale of the Units purchased by subscribers
introduced to the Company. The Finders' Warrants will be
exercisable at a price of $0.15 per Finder's Warrant share for a
period of one year following the closing of the Private
Placement.
The common shares, and warrants comprising the Units and the
Finders' Warrants will be subject to a four-month hold period in
accordance with the policies of the TSX Venture Exchange and
applicable securities legislation.
The Private Placement remains subject to the approval of the TSX
Venture Exchange.
On behalf of the Board of Directors,
CAVAN VENTURES INC.
Ming Chiang, President & CEO
If you would like to be added to Cavan's update list please send
an email to ming@cavanventures.com.
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.
Contacts: Cavan Ventures Inc. Ming Chiang President & CEO
(604) 763-7748 (cell) or (604) 288-2756 (office) (604) 909-5199
(FAX) ming@cavanventures.com www.cavanventures.com