Marketwire
TORONTO, ONTARIO--(Marketwired - Nov. 1, 2013) - Cadillac Ventures Inc. (TSX VENTURE:CDC)(OTC:CADIF) ("Cadillac or the "Company") announces that pursuant to an agreement dated January 28th, 2013 between Cadillac and Renforth Resources Inc. ("Renforth") (the "New Alger Agreement"), Cadillac has accepted in lieu of a $210,000 payment to be made by Renforth 4,200,000 common shares of Renforth, representing approximately 11.6% of the issued and outstanding common shares of Renforth.
The agreement, as press released on January 29, 2013, provided for Renforth to acquire, subject to a 2% net smelter return royalty of which Cadillac owns 1%, a 100% interest in the Company's New Alger property located in Cadillac Township, Quebec. Pursuant to these arrangements Renforth previously issued 2,000,000 common shares to Cadillac and is obligated to make further payments totaling $460,000 as follows: (i) a payment of $210,000 cash by June 15, 2013 which had been extended to September 30, 2013; and (ii) a payment of $250,000 cash by November 15, 2013 after which Renforth will have acquired its 100% interest.
Prior to entering into the New Alger Agreement, the Company owned 500,000 common shares of Renforth. As a result of the (i) issuance of 2,000,000 common shares of Renforth on signing the New Alger Agreement in January, 2013 and, (ii) the issuance of the 4,200,000 common shares of Renforth in lieu of the $210,000 payment, Cadillac now owns 6,700,000 shares of Renforth which represents 18.5% of the issued and outstanding shares of Renforth.
Cadillac may acquire additional common shares of Renforth pursuant to the New Alger Agreement. Cadillac does not otherwise have a current intention to acquire additional common shares of Renforth, but may do so in the future.
Cadillac will file an early warning report under National Instrument 62-103, describing the above acquisition of shares. The report will be available with Renforth's documents filed at www.sedar.com. In addition, a copy of the report may be obtained from Norman Brewster.
About Cadillac
Cadillac is a development-focused copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
In addition, Cadillac also holds a 51% interest in the Burnt Hill Project, a historic tungsten/tin mine taken to test production by Mr. Norman Brewster P.Geo for Canadian International Paper during the early 1980's. Cadillac looks forward to resuming the development of this project.
For more information regarding Cadillac, please visit the Company's website at www.cadillacventures.com.
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.