VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2014) - Cassius Ventures Ltd. (TSX VENTURE:CZ) (the "Company") is pleased to announce the completion of the second tranche of a non-brokered private placement announced on May 5, 2014, raising gross proceeds of $35,000 by the issuance of 700,000 common shares at $0.05 per common share.
The Company paid no finder's fees in connection with the Private Placement. The shares issued in this second tranche of the private placement are subject to a hold period expiring November 10, 2014. The Company will use the proceeds from the sale of the common shares for its continued development of the Nicaraguan Gold properties as well as for general working capital purposes.
The final closing of this non-brokered private placement is subject to the approval of the TSX Venture Exchange Inc.
All of the shares issued in the second tranche of the private placement were purchased by 348890 B.C. Ltd., an investment company controlled by Scott LaPrairie. The following information is provided on behalf of 348890 B.C. Ltd., which is solely responsible for its accuracy.
The 700,000 common shares purchased by 348890 B.C. Ltd. at a price of $0.05 per common share represent 7.51% of the issued and outstanding common shares of the Company following completion of the second tranche of the private placement. As a result of this acquisition, 348890 B.C. Ltd. holds, in aggregate, 1,010,000 common shares representing 10.84% of the current issued and outstanding common shares of the Company.
The Company is advised that 348890 B.C. Ltd. acquired these securities for investment purposes and intends to acquire a further 900,000 common shares of the Company, although it may in the future acquire or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions warrant. The shares were issued pursuant to the prospectus exemption in section 2.5(1)(d) of National Instrument 45-106. A copy of the early warning report required by National Instrument 62-103 in connection with the acquisition of these shares can be obtained, once filed, by contacting Irfan Shariff, Chief Financial Officer and Corporate Secretary, as indi cated below and is also available under the Company's profile on the SEDAR website (www.SEDAR.com).
CASSIUS VENTURES LTD. (www.cassiusventures.com)
On behalf of the Board of Directors
John A. Thomas P.Eng, CEO and President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cassius Ventures Ltd.Irfan Shariff
Chief Financial Officer
+1 604 558 1107
604 566 9081 (FAX)
Source: Cassius Ventures Ltd.