Cavan Ventures Inc. (CVN.V) announced the non-brokered private placement for up to C$250,000 to accredited investors in Canada. Cavan intends to issue up to 1.25 million units at C$0.20 per unit. The company intends to use private placement net proceeds for the general corporate working capital.
In connection with placement, Cavan may pay commissions and finders' fees to registered persons and others in an amount equal to 8% of the proceeds from the sale of the units plus broker warrants of 10% of the proceeds from the sale of the units, exercisable at C$0.30 per share for two years.
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