TSX Venture Symbol: CVN
VANCOUVER, June 19 /CNW/ - Further to the news release of June 13, 2008,
Cavan Ventures Inc. ("Cavan") is pleased to announce the completion of its
subscription for the previously-announced non-brokered private placement, by
issuing 900,000 units at a price of $0.35 per unit, for gross proceeds to
Cavan of $315,000. Each of the units will consist of either one flow-through
share or one non flow-through common share, plus one non flow-through
non-transferable share purchase warrant entitling the holder to purchase one
additional common share at a price $0.50 per share for a period of two years
from the issue thereof.
In connection with the non-brokered private placement, Cavan paid
commissions and finders' fees to Fortune Creek Investments Inc. in an amount
equal to 8.5% of the proceeds raised by them in this non-brokered private
placement, and granted compensation options entitling them to purchase up to
90,000 units, representing 10% of the number of units sold by them in the
private placement. Each compensation option entitles the holder thereof to
acquire one unit, consisting of one common share of Cavan and one warrant, at
a price of $0.35 per unit for a period of two years from the issuance thereof.
Each warrant entitles the holder thereof to purchase one additional common
share at a price of $0.50 per share for a period of two years from the
The net proceeds of this non-brokered private placement will be used for
initial exploration work program on the newly acquired Kisgegas Property and
for general corporate working capital.
All common shares, flow-through shares, and warrants comprised in the
units issued pursuant to this closing will be subject to a four-month "hold
period" under the policies of the TSX Venture Exchange and applicable
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Cavan Ventures Inc. with
respect to its performance, business and future events. Such statements are
subject to a number of risks, uncertainties and assumptions. Actual results
and events may vary significantly.
The TSX Venture Exchange (the "Exchange") has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
Closing of this non-brokered private placement is subject to Exchange
On behalf of the Board of Directors,
CAVAN VENTURES INC.:
Ming Chiang, President & CEO
(604) 763-7748 (cel)
(604) 628-5878 (office)
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