Management shake up and private placement at Cassidy Gold
KAMLOOPS, BRITISH COLUMBIA–(Marketwire – Oct. 27, 2011) – Cassidy Gold Corp. ("Cassidy") (TSX VENTURE:CDX) announces that it will conduct a non-brokered private placement of up to 3,300,000 units of Cassidy (the "Units") at a price of $0.15 per Unit for aggregate proceeds of up to approximately $495,000. Each Unit will consist of one common share in the capital of Cassidy and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one additional common share at a price of $0.20 for two years from the closing of the offering, subject to accelerated expiry in certain circumstances.
Shares acquired by the placees, and shares which may be acquired upon the exercise of the share purchase warrants, will be subject to a hold period of four months and one day from the date of completion of the financing in accordance with applicable securities legislation. Finder's fees in amounts yet to be determined may be paid to persons who introduce the Company to investors. Funds raised by this private placement will be used for general corporate purposes.
Cassidy is also pleased to announce the appointments of Paul Rankine as the Chief Executive Officer and a director of Cassidy and of Marion Bush as the Chief Operating Officer and a director of Cassidy.
Paul Rankine has served as the Chief Executive Officer and a director of Zambezi Nickel Ltd. from May 2005 to February 2007, a director of Stellar Diamonds plc. from August 2007 to October 2010 and a director of TomCo Energy plc from September 2011 to present, all companies listed on the London Stock Exchange's AIM. Paul has experience as a mining equities financial analyst and consultant and has held positions with Citigroup Asset Management Ltd. and Altima Partners LLP. Paul holds an MBA from the University of Cape Town and an MSc in Mineral Economics from the University of Witwatersrand, is a fellow of the South African Institute of Mining and Metallurgy and a member of the Society of Mining, Metallurgy and Exploration Inc. in the United States.
Marion Bush graduated from Curtin University of Technology, Western Australia with a BSc (Geology) in 1993 and a Postgraduate Diploma (Applied Geology) in 1994. She graduated from the Imperial College in London, UK with an MSc (Mineral Project Appraisal) in 1998. Marion has experience in commercial management, analyst and marketing roles. Most recently she worked as an analyst for Zamin Advisors Ltd. and as a consultant with Digby Advisors Ltd.
The Board of Directors sincerely thanks James Gillis for his past services as Cassidy's Chief Executive Officer. Mr. Gillis will remain the President and a director of Cassidy.