Cache Exploration Inc. Announces Private Placement and Share Consolidation
Vancouver, January 10, 2020 - Cache Exploration Inc. (the "Company", or "Cache"), (TSXV:CAY), is pleased to announce that it intends to complete a non-brokered private placement of up to 100,000,000 common shares of the Company (the "Common Shares") at a price of $0.01 per Common Share for aggregate proceeds of up to $1,000,000 (the "Private Placement"). In connection with the Private Placement, the Company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange (the "Exchange").
The Company has applied for a waiver from the Exchange's minimum price requirements pursuant to Exchange Corporate Finance Bulletin dated April 7, 2014. Waiver of the minimum price is at the discretion of the Exchange.
Closing of the Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period in accordance with applicable securities legislation. The Company intends to use the net proceeds of the Private Placement to fund exploration on the Kiyuk Lake Property, for current liabilities and for general working capital purposes.
The Company also proposes to consolidate its issued and outstanding share capital on the basis of seven (7) existing common shares for one (1) new common share (the "Share Consolidation"). The Share Consolidation must be approved by a special resolution of the shareholders of Cache at an annual general special meeting of shareholders (the "Meeting") the date of which is to be determined. The Share Consolidation is also subject to approval of the Exchange.
On behalf of the Board of Directors
"Jack Bal"
Jack Bal
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal
Tel. 604-306-5285
jackbalyvr@gmail.com
Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Private Placement and Share Consolidation of Cache Exploration Inc. ("Cache"); the availability of capital and finance for Cache to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by Cache in light of its experience and perception of current and expected future developments, as well as other factors that Cache believes are appropriate in the circumstances. Many factors could cause Cache's results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
