TORONTO, ONTARIO--(Marketwired - Feb. 10, 2015) - Cadillac Ventures Inc. (TSX VENTURE:CDC)(OTC:CADIF) ("Cadillac" or the "Corporation") announced today its intention to complete a common share consolidation (the "Share Consolidation"), based on a ratio of ten (10) pre-consolidation common shares for one (1) post-consolidation common share. At Cadillac's Annual and Special Meeting of Shareholders held on November 20, 2014 the shareholders representing 99.6% of the shares voted at the meeting authorized the board of directors at their discretion to implement a Share Consolidation as described in the management information circular dated October 3, 2014. Articles of Amendment will be filed on February 12, 2015 giving effect to the Share Consolidation on the ratio aforementioned in this release. Currently the Corporation has 166,907,817 issued and outstanding common shares and post the Share Consolidation Cadillac will have 16,690,781 issued and outstanding common shares.
The Corporation advises that the post-consolidation common shares (under the new CUSIP number 127527885 and the new ISIN number CA1275278853) will commence trading on the TSX Venture Exchange ("TSX V") at the opening of market on February 13, 2015. The Corporation's name and stock symbol will remain unchanged. Letters of transmittal describing the process by which registered shareholders may obtain new certificates representing their consolidated common shares have been mailed to registered shareholders.
On January 15, 2015 Cadillac announced that it had entered into a Memorandum of Understanding ("MOU") with Capital Asia Management Ltd. ("Capital Asia") in relation to Capital Asia assisting with new strategic investors and arranging for investors to acquire Convertible Debentures for a total amount of up to CAD 1.5 million. The trading value of the Corporation's common shares and the policies of the TSX V, resulted in this financing as set out in the MOU unable to proceed. The Corporation, after the Share Consolidation has been fully completed and Cadillac's common shares are trading on a post consolidated basis on the TSX V will continue to negotiate a financing.
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.