Cadillac Announces Issuance of Shares for Debt and Norman Brewster's Shareholdings in Excess of 10%
TORONTO, Jul 8, 2016 - Cadillac Ventures Inc. (TSX VENTURE:CDC)(OTC:CADIF) ("Cadillac" or the "Company") and Norman Brewster jointly announced today Cadillac has settled debt obligations in the amounts of (i) CDN$156,500 through the issuance of 3,130,000 shares at $0.05 per share to arm's length vendors and (ii) CDN$185,000 through the issuance of 2,642,857 shares at $0.07 per share to non-arms' length parties Norman Brewster, President and Chief Executive Officer and Leo O'Shaughnessy, Chief Financial Officer for services rendered to the Company. The issuance of the shares to Norman Brewster (1,785,714 shares) and Leo O'Shaughnessy (857,143 shares) was approved by a majority of the disinterested shareholders and all of the shares issued for debt were approved by the TSX Venture Exchange. The expiry date of the hold period for the common shares issued to arm's length vendors is October 29, 2016 and for the common shares issued to Messrs. Brewster and O'Shaughnessy is November 8, 2016.
Cadillac after the issuance of the total 5,772,857 common shares will have 34,669,881 common shares issued and outstanding. As a result of Norman Brewster accepting the 1,785,714 common shares of Cadillac he now holds directly and indirectly 3,874,120 common shares of Cadillac being 11.17% of the issued and outstanding common shares and in addition Norman Brewster's wife also owns directly and indirectly 389,518 common shares of Cadillac or 1.12% of the issued and outstanding common shares.
Norman Brewster in acquiring the 1,785,714 common shares to satisfy the Corporation's indebtedness to him and while he does not have any specific plans he may acquire additional common shares of Cadillac in the future. Norman Brewster will file an early warning report under National Instrument 62-103, describing the above acquisition. The report will be available with Cadillac's documents filed at www.sedar.com. In addition, a copy of the reports may be obtained from Norman Brewster.(416) 203-7722.
For more information regarding Cadillac or Mr. Brewster's acquisition of common shares, please visit the Company's website at www.cadillacventures.com, or call Norman Brewster, President and Chief Executive Officer, at 416 203-7722.
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.
Contact
Cadillac Ventures Inc.
Norman Brewster, President and Chief Executive Officer
416 203-7722
www.cadillacventures.com