Cassidy Gold replaces financing with larger one
2004-04-30 18:59 ET - News Release
CDY
Mr. James Gillis reports
Cassidy Gold is not proceeding with its private placement reported in Stockwatch on April 15, 2004.
A new private placement has been arranged. The new private placement will involve the sale of 3,175,000 units to 74 investors at a price of 60 cents per unit to raise a total of $1,905,000. Each unit includes one common share and one detachable non-transferrable share purchase warrant entitling the holder to purchase one additional common share over a two-year term at a price of 70 cents during the initial year of the term and 80 cents during the final year of the term.
Shares acquired by placees and shares which may be acquired upon the exercise of the share purchase warrants are subject to a hold period and may not be traded until Aug. 30, 2004, except as may be permitted by the securities legislation and regulations applicable in the placees' province or territory of residence.
The company has sufficient funds in place to carry out its current drill program during the dry season in Guinea. Approximately 80 per cent of the funds raised in this private placement will be used to finance the company's proposed resource definition drill program to be carried out during the rainy season. The balance will be used to augment general working capital.
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