pcNewsWire – Cache Exploration Inc. (TSX-V: CAY) intends to close a non-brokered private placement of up to 6,000,000 units at a price of $0.25 per unit for gross proceeds of up to $1,500,000
Proceeds will be primarily dedicated to funding the company’s summer drill program at its Kiyuk Lake Property in Nunavut.
Cache Exploration Announces Private Placement
May 23, 2017, Vancouver, British Columbia: Cache Exploration Inc. (the “Company”, or “Cache”), (TSX-V:CAY) announces a non-brokered private placement (the “Private Placement”) to sell up to 6,000,000 units at a price of $0.25 per unit (the “Units”) for gross proceeds of up to $1,500,000 (the “Offering”). Each Unit consists of one common share (a “Unit Share”) and one half common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one half additional common share (a “Warrant Share”) at an exercise price of $0.35 per Warrant Share. The Warrant Share is exercisable for the first two years from the date of issue of the Warrant. All of the securities issued are subject to a four month hold period, and may be subject to certain escrow provisions as required by the regulatory authorities and the TSX Venture Exchange. Finder’s fees of 8% cash and 8% finder warrants may be payable in connection with this transaction.
The proceeds of the Private Placement will be primarily dedicated to funding the Company’s summer drill program at its Kiyuk Lake Property in Nunavut.
About Cache Exploration
Cache Exploration is focused on its Kiyuk Lake Property in Nunavut.
Kiyuk Lake Property Highlights
- A true district play covering a majority proportion of the Proterozoic Kiyuk Basin
- 12,000 meter drill database: 2008-2013
- Gold Showings over a 15 Km Strike Length
- Multiple Gold Intercepts over 1g/t
- Four Discrete Mineralized Zones (Rusty, Gold Point, Cobalt, Amundsen)
- Significant expansion possible with five new target areas identified and ready for drilling
- Sites are drill ready with fuel, drills and 35-man camp on site and ready for spring drilling
For more information about Cache Exploration, please visit: www.cacheexploration.com
Chief Executive Officer
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