Cadillac Ventures Extends Private Placment Financing

Cadillac Ventures said it now expects to close a second tranche of the private placement financing it announced late last year by January 31, extending the offering.

In early December, the company closed a first tranche of the private placement, issuing 11.8 million flow through units sold at a price of 10 cents each, and a total of 60,000 units sold at 9 cents each, raising a total of $1.2 million.

The funds were for exploration and development of the company's Canadian properties, as well as for general working capital needs.

Today, the company said it has extended its current private placement financing of units at 9 cents each and flow through units at 10 cents each, expecting to close a second tranche by the end of the month.

Late in November, Toronto-based Cadillac resumed exploration on its Burnt Hill property in New Brunswick, which covers more than 125 square kilometres and has NI 43-101 compliant tungsten, tin and molybdenum resources.

The last resource estimate on the property was calculated in 2009. The phase 1 ground exploration program will target the Tin Hill, Burnt Hill Brook Area, the Burnt Hill Mine Area, and the 2 1/2 Mile Brook Area, with two prospecting crews currently in the field.

Cadillac holds a 51 per cent interest in the Burnt Hill project, a historic tungsten/tin mine taken to test production by Brewster for Canadian International Paper during the early 1980s. The company is aiming to restart development at the project.

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