Cadillac Ventures Inc. (CVE:CDC) announced it has acquired an initial 30% indirect interest in a mineral property.
Cadillac Ventures Inc. (TSXV:CDC) announced it has acquired an initial 30% indirect interest in a mineral property.
The press release is quoted as saying,
Cadillac acquired the interest pursuant to an agreement (the “Agreement“) with Urion Mining International B.V. (“Urion“), an indirect wholly-owned subsidiary of Trafigura Beheer B.V. Cadillac has been appointed as manager of the Property with overall management responsibility for operations on the Property.
Cadillac satisfied the CDN$310,000 purchase price for the Interest and the reimbursement of the first annual payment of US$127,000 due in respect of the Property by issuing 2,003,771 common shares to Urion at a price $0.218 per share. The share price was based on the 10-day average closing price of Cadillac’s common shares on the TSX Venture Exchange two business days prior to the closing date.