Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Cadillac Ventures modifies $7-mln private financing

Junior miner Cadillac Ventures (CVE:CDC) said Tuesday it has amended its previously announced $7 million private placement which it intends to use to advance its Thierry mine in Ontario.

In addition to offering units at a price of 21 cents per unit, the company said it intends to offer flow-through units for 23 cents per flow-through, as opposed to flow-through shares.

The company intends to sell 38.3 million units.

The miner hired a syndicate led by NCP Northland Capital Partners, Stifel Nicolaus Canada and Secutor Capital Management Corp to finish the financing on a reasonable efforts basis.

As previously noted, each unit consists of one common share and one-half of one common share purchase warrant, of Cadillac.

Each whole warrant gives the holder a right to snap up one common share for 35 cents for a period of 24-months, following the closing date.

Further, each Flow-through unit consists of one common share to be issued on a flow-through basis and one-half of one warrant.

Each whole warrant forming part of the flow-through units will be exercisable on the same terms as the warrant forming part of the units.

Moreover, the syndicate has an option to raise the gross proceeds by up to 15 percent. This option is exercisable up to 48 hours before closing of the offering.

Proceeds will be used to fund a preliminary economic assessment on the Thierry property by early next year, while profit from the flow-through units will be used for Canadian exploration expenses also for the Thierry property.

The securities under the offering will be subject to a four month hold period.

The Thierry property, located near Pickle Lake, Ontario, is a past producing mine with a current resource estimate of 8.3 million tonnes in the measured and indicated categories with a grading of 1.73 percent copper, 0.20 percent nickel.

The deposit remains open at depth and to the west.