|January 19, 2010|
Cadillac Ventures Acquires Richview Resources
|Toronto, January 19, 2010 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac") is pleased to announce that it has closed its previously announced acquisition of Richview Resources Inc. ("Richview") through the amalgamation of Richview with a wholly-owned subsidiary of Cadillac (the "Amalgamation").|
Under the Amalgamation, each common share of Richview has been exchanged for one-ninth (1/9th) of a Cadillac common share. Based on 143,046,081 Richview common shares issued and outstanding, Cadillac has issued 15,893,983 Cadillac common shares pursuant to the Amalgamation (fractional shares being rounded down). Equity Transfer Services has begun to forward share certificates to former registered Richview shareholders.
With the acquisition, Cadillac now owns the past-producing Thierry Mine property in north-western Ontario, adjacent to the Town of Pickle Lake.
Norm Brewster, President and CEO of Cadillac stated, "We are very pleased to welcome Richview shareholders to Cadillac, and that the Thierry Property is now part of Cadillac's portfolio. We will now be assessing our next steps at Thierry as part of our 2010 exploration program and budget process, and expect to initiate work at the mine by the summer."
Following completion of the Amalgamation, Cadillac has 58,014,278 common shares outstanding, of which approximately 27.4% are held by former shareholders of Richview. As part of the Amalgamation, David Danziger, a former director of Richview, has been appointed to the board of directors of Cadillac.
Cadillac is a development-focused exploration Company which owns the past-producing Thierry Mine near Pickle Lake in Northern Ontario, two Canadian exploration projects, located in regions that have been historically active, and exploration projects in Spain.
The New Alger project located outside of Cadillac, Quebec is a wholly-owned, previously producing gold mine, where the Company has entered into a joint venture agreement with Renforth Resources Inc. for a three year $2.5 million exploration program. The Burnt Hill Project is 51% owned tungsten tin project located outside of Fredericton, New Brunswick. In Spain, the Company is joint venture partner with Minas de Aguas Tenidas, S.A.U. regarding the exploration of a number of high potential properties surrounding the Aguas Tenidas Mine.
For more information regarding Cadillac, please visit our website at www.cadillacventures.com, or call Norman Brewster, President and Chief Executive Officer, at 416 203-7722.
Forward Looking Statements
This news release may contain certain forward-looking statements under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary licences and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Cadillac assumes no obligation to revise or update these forward-looking statements except as required by law. All dollar amounts are in Canadian dollars unless otherwise noted.