Cadillac Ventures (CVE:CDC) has closed the private placement financing it announced last month, raising a total of $1.2 million.
The offering, which was led by Secutor Capital Management and Marquest Capital Markets, consisted of 11.8 million flow through units sold at a price of 10 cents each, and a total of 60,000 units sold at 9 cents each.
Each flow through unit is made up of one common share issued on a flow through basis, and one half of one warrant. Each unit is made up one common share and one share purchase warrant.
Every warrant allows the holder to buy another common share at a price of 15 cents for a period of 18 months after the closing.
The new funds will be used for exploration and development of the company's Canadian properties, as well as for general working capital needs.
Late in November, Toronto-based Cadillac resumed exploration on its Burnt Hill property in New Brunswick, which covers more than 125 square kilometres and has NI 43-101 compliant tungsten, tin and molybdenum resources.
The last resource estimate on the property was calculated in 2009. The phase 1 ground exploration program will target the Tin Hill, Burnt Hill Brook Area, the Burnt Hill Mine Area, and the 2 1/2 Mile Brook Area, with two prospecting crews currently in the field.
Cadillac holds a 51 per cent interest in the Burnt Hill project, a historic tungsten/tin mine taken to test production by Brewster for Canadian International Paper during the early 1980s. The company is aiming to restart development at the project.
In September, the company released results from its summer drilling program on the K1-1 open pit deposit at its main Thierry project in northwestern Ontario, which management called "a success".
The program consisted of 7,218 feet, designed to deepen and widen the K1-1 pit.
The company said the campaign was deemed a success as each hole encountered mineralization outside of the current NI 43-101 compliant Whittle Pit model. The holes returned grades comparable to, or better than, those within the current Whittle Pit defined resource, said Cadillac at the time.
The results included 225 feet at 0.48% copper and 0.11% nickel, as well as 160.2 feet at 0.51% copper and 0.1% nickel.
Cadillac's Thierry property, near Pickle Lake, Ontario, consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources at the Thierry Mine and the K1-1 deposit.
The company said it anticipates it will be updating the resource at K1-1, and is currently focused on the drill program targeting "further positive results" outside the current pit.
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