|January 20, 2010|
Cadillac Ventures Pays Out Secured Debt
|Toronto, January 20, 2010 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac") is pleased to announce that it has signed and closed an agreement with the holder of secured debt of predecessor Richview Resources Inc. ("Richview") held by Sol Prizant and Xlent Services Inc.|
Under the terms of the transaction, the total debt of $1,150,000 representing advances made by Mr Prizant and Xlent Services inc. to Richview, will be transferred and assigned to Cadillac. Cadillac will pay $500,000 on closing, $250,000 over five months without interest, and issue 1,000,000 common shares of Cadillac at $0.40 each, subject to regulatory approval. In the result, the inter-company debt owed by Cadillac's subsidiary to its parent company Cadillac will be cancelled on consolidation.
Cadillac is a development-focused exploration Company which has the past-producing Thierry Property 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.
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.