Cavan Ventures Inc. Announces Non-Brokered Private Placement
NEWS RELEASE
Cavan Ventures Inc.
Suite 579-1917 West 4th Ave.
Vancouver, B.C. V6J 1M7 Tel: (604) 288-2756; Fax: (604) 909-5199
February 8, 2011 TSX Venture Symbol: CVN
Cavan Ventures Inc. Announces Non-Brokered Private Placement
VANCOUVER, February 8, 2011 - Cavan Ventures Inc. (“Cavan” or the “Company”) (TSXV: CVN.V), a public mineral exploration company based in Vancouver, British Columbia, is conducting a non-brokered private placement (the “Private Placement”) of up to $540,000. Cavan intends to issue up to 6,000,000 units (the “Units”) at a price of $0.09 per Unit. Each of the Units will consist of one common share, plus one half of a non-transferable share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $0.15 per share for a period of two years following the closing of the Private Placement.
The net proceeds of the non-brokered Private Placement will be used to identify, evaluate and secure potential acquisitions of mineral properties and for general corporate working capital. In connection with the Private Placement, Cavan may pay cash commissions and finders’ fees to certain finders in an amount equal to 8% of the proceeds from the sale of the Units and may further issue finders’ warrants (the “Finders’ Warrants”) equal to 10% of the proceeds from the sale of the Units purchased by subscribers introduced to the Company. The Finders’ Warrants will be exercisable at a price of $0.15 per Finder’s Warrant share for a period of one year following the closing of the Private Placement.
The common shares, and warrants comprising the Units and the Finders’ Warrants will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable securities legislation.
The Private Placement remains subject to the approval of the TSX Venture Exchange.
On behalf of the Board of Directors,
CAVAN VENTURES INC.
“Ming Chiang”
Ming Chiang, President & CEO (604)763-7748 (cell); (604)288-2756 (office)
For further information please visit our website at www.cavanventures.com
If you would like to be added to Cavan’s update list please send an email to [email protected].
Neither the 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.