Cava Resources Announces C$1.7 Million Private Placement
TSX VENTURE: GDBO
Toronto, Ontario--(Newsfile Corp. - November 20, 2017) - Cava Resources Inc. (TSXV: CVA) ("Cava" or the "Company") announces that it intends to close a private placement to raise $1,700,000. This financing will be for units at $0.20 where each unit includes one common share and one-half of a common share purchase warrant where a full warrant entitles the holder to acquire one additional share at $0.50 for 36 months.
The proceeds of this financing are to be used for working capital purposes and to fund the purchase of specialized gold processing equipment as specified in the agreement to acquire Gold Rush Cariboo Inc. and pursuant to that company's agreement with Goldlands Inc. as outlined in the press release on September 29, 2017.
About Cava Resources Inc.
Cava is a junior exploration company whose primary property consists of its Casa Berardi properties which comprises two non-contiguous claim groups (the Casa Berardi North and the Cancor Extension) that are located in the Casa Berardi area of northwestern Quebec. Cava holds a 70% interest in these properties.
During the past year, Cava has been investigating other opportunities and carrying out due diligence. It has now entered into an agreement with Gold Rush Cariboo Inc. ("Gold Rush") to acquire all of the outstanding shares of Gold Rush in exchange for 12,600,000 shares of Cava. Gold Rush has an agreement with Goldlands Inc. to acquire the Horseshoe Bend property in southwest British Columbia and an option to acquire an additional 14 properties. Further details of this transaction, which is subject to regulatory approval, can be seen in Cava's press release dated September 29, 2017.