TORONTO, ONTARIO--(Marketwired - Sep 18, 2015) - Cadillac Ventures Inc. (TSX VENTURE:CDC)(CADIF) ("Cadillac" or the "Company") and Norman Brewster jointly announced today that in addition to the issuance of 7,456,600 shares for debt to arm's length vendors as announced on August 24th, 2015, Cadillac has agreed to settle obligations of $300,000 owed to Norman Brewster, President and Chief Executive Officer and of $175,000 owed to Leo O'Shaughnessy, Chief Financial Officer for services rendered to the Company. Pursuant to a press release issued by the Corporation on August 7, 2015 it was announced that the conversion price for the settlement of this debt was going to be $0.06 per common share for Norman Brewster and $0.05 per common share for Leo O'Shaughnessy. The settlement of this debt will now be at a conversion price of $0.10 per common share resulting in the issuing of 4,750,000 new common shares of Cadillac. The issuance of the shares to Norman Brewster and Leo O'Shaughnessy was approved by a majority of the disinterested shareholders and all of the shares issued for debt were approved by the TSX Venture Exchange. The expiry date of the hold period for the common shares issued is January 18, 2016.
Cadillac after the issuance of the 4,750,000 common shares will have 28,897,024 common shares issued and outstanding. As a result of Norman Brewster accepting the 3,000,000 common shares of Cadillac he now holds directly and indirectly 3,520,476 common shares of Cadillac being 12.18% of the issued and outstanding common shares and in addition Norman Brewster's wife also owns directly 267,757 common shares of Cadillac or 1.00% of the issued and outstanding common shares.
Norman Brewster in acquiring the 3,000,000 common shares was doing so to satisfy the Corporation's indebtedness to him and while he does not have any specific plans he may acquire additional common shares of Cadillac in the future. Norman Brewster will file an early warning report under National Instrument 62-103, describing the above acquisition. The report will be available with Cadillac's documents filed at www.sedar.com. In addition, a copy of the reports may be obtained from Norman Brewster. (416) 203-7722.
For more information regarding Cadillac or Mr. Brewster's acquisition of common shares, please visit the Company's website at www.cadillacventures.com, or call Norman Brewster, President and Chief Executive Officer, at 416 203-7722.
Neither 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.