Business & Finance
Business and Finance
Business and Finance
Mon, March 26, 2012 Cayenne Gold Mines Receives Revocation Order from British Columbia Securities Commission and Announces Private Placement Financ
March 26, 2012 10:43 ET
Cayenne Gold Mines Receives Revocation Order from British Columbia Securities Commission and Announces Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2012) - Cayenne Gold Mines Inc. (CNSX:CYN) ("Cayenne" or the "Corporation") is pleased to announce that the British Columbia Securities Commission (the "BCSC") has granted a full revocation of the cease trade order issued by the BCSC against the Corporation (the "CTO"). The Corporation intends to complete a non-brokered private placement ("Private Placement") to up to 13,000,000 units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $650,000.00 Canadian Dollars. Each Unit will consist of one common share (a "Share") in the capital of Cayenne.
The CTO was imposed by the BCSC for failure by the Corporation to file its audited financial statements for the year ended September 30, 2011, management discussion and analysis for the year ended September, 2011 and the certifications required with respect thereto by the prescribed date.
On March 22, 2012, Cayenne has filed its audited financial statements for the financial years ended September 30, 2011 together with the management discussion and analysis for the financial years ended September 30, 2011 and the certifications required with respect thereto. All of the continuous disclosure documents can be reviewed on [ www.sedar.com ].
The Corporation is in the process of applying to the Ontario Securities Commission, Manitoba Securities Commission for a full revocation of the cease trade order issued by the jurisdictions and the Canadian National Stock Exchange for re-instatement of trading in the Company's shares. The Corporation expects that its shares will recommence trading shortly, following the Exchange's review of its reinstatement application.
The Corporation now plans to commence a non-brokered private placement. The proceeds will be used for general working capital and business development while Cayenne completes the agreement between the Corporation and Blue Horizon Mining, as stated in the press release of February 6, 2012. At this time the private placement will be available to qualified investors in British Columbia, Alberta, and Saskatchewan. A finder's fee of up to 10 percent of the gross proceeds of the offering may be paid, on all or any portion of the funds raised pursuant to this offering. In addition, finders will receive finders' warrants equal to up to 10 percent of the number of units issued in connection with the offering. Each finder's warrant will entitle the holder to purchase one common share. The Private Placement is subject to regulatory approval, including approval of the CNSX.
