Cadillac Ventures Inc. has announced a proposed investment of US$900,000 through a non-brokered private placement, from three independent investors to acquire 18 million units at US$0.05 each, with each unit consisting of one common share and one warrant exercisable at US$0.05 to acquire one common share for a period of 24 months. After the issuance of the units the company will have a total of 52,669,881 common shares.
One of the new investors is British Virgin Islands-incorporated Best Path Developments Limited which will hold 7,571,364 common shares making 14.375%. If the unit warrants were exercised it could control 25.1% of Cadillac. The BVI company is controlled by Mr. Youliang Wang who is to be appointed as Chairman of Cadillac and a member of its Board of Directors. The other two purchasers acquire 9.9% of Cadillac, so the exercised warrants will be over 10%.
The private placement is planned to close on October 3, 2016. A four month hold period will apply to the issued securities. The proceeds from the private placement will be used for general working capital.
One of the new investors is British Virgin Islands-incorporated Best Path Developments Limited which will hold 7,571,364 common shares making 14.375%. If the unit warrants were exercised it could control 25.1% of Cadillac. The BVI company is controlled by Mr. Youliang Wang who is to be appointed as Chairman of Cadillac and a member of its Board of Directors. The other two purchasers acquire 9.9% of Cadillac, so the exercised warrants will be over 10%.
The private placement is planned to close on October 3, 2016. A four month hold period will apply to the issued securities. The proceeds from the private placement will be used for general working capital.