2010 News |
TSX.V: CVN |
Cavan Increases the Size of its Private Placement to Raise up to $500,000April 22, 2010 VANCOUVER, BRITISH COLUMBIA -- Cavan Ventures Inc. (TSX VENTURE:CVN)("Cavan"), a public mineral exploration company based in Vancouver, British Columbia, is pleased to announce that, further to its news releases issued on December 9, 2009 and March 22, 2010, it is increasing the size of its previously announced non-brokered offering to a maximum of 2,500,000 units at a price of $0.20 per unit for gross proceeds of up to $500,000. Each of the units will consist of one common share, plus one half of one non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price $0.30 per share for a period of two years. Pacific Wally Capital Inc. ("Pacific Wally"), a subsidiary company of Pacific Wally International Holdings Corp. which specializes in Canada-China business dealings, intends to acquire all of the 2,500,000 units for aggregate gross proceeds of $500,000. "We are excited to welcome this new investor that brings strong Canada-China business relationships," said Ming Chiang, President & CEO of Cavan. "As one of many junior mineral exploration companies in Canada, Cavan welcomes more investments from China for joint partnership in some bigger exploration projects." Cathy Li Ju, President & CEO of Pacific Wally, stated, "We are pleased to be making an investment in this junior mineral exploration company. Cavan's existing gold properties hold great potentials for us to gain huge profits. Also we believe Canada has great mineral resources that Chinese companies are keen to diversify their supply base to feed rapidly growing demands in China, and Pacific Wally wants to participate in this exciting market." The proceeds of the private placement will be used for general working capital purposes and Cavan's exploration program on the Kaslo Property. The closing of the private placement is subject to the satisfaction of standard conditions, including the receipt of all necessary regulatory and TSX Venture Exchange approvals. The securities issued pursuant to this private placement will be subject to a four-month plus a day hold period. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Cavan with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. On behalf of the Board of Directors, "Ming Chiang" 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. Cavan Ventures Inc. |
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