/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN
THE UNITED STATES OR TO
U.S. NEWS AGENCIES/
TSX-V: CDX
KAMLOOPS, BC, Oct. 31, 2014 /CNW/ - Cassidy Gold Corp.
("Cassidy" or the "Company") is pleased to announce that at it has
closed a non-brokered private placement of 122,188,000 common
shares issued at a per share price of C$0.05 for gross proceeds of C$6,109,400. Alchemists Incorporated of
Kuala Lumpur, Malaysia, was the
sole subscriber to the offering, which was previously announced by
the Company on July 22, 2014,
August 5, 2014 and September 25, 2014. Shares acquired by
Alchemists Incorporated under the offering are subject to a hold
period until March 1, 2015, in
accordance with applicable securities legislation.
The proceeds from the private placement offering, combined with
the proceeds of the convertible debenture issued by Cassidy to
Alchemists Incorporated (as previously announced), will be used by
Cassidy to fund the capital expenditure requirements for the
development of the Kouroussa Gold Project to commencement of gold
production and for general corporate purposes. Development
will include the purchase of a complete Gravity Gold Recovery Plant
consisting of a 70 ton/hour milling circuit over the first 2 years,
with a second grinding circuit installed in 2017, 60 ton/hour
crushing circuit and 100 ton/hour alluvial plant, inclusive of
Falcon concentrators, to be built on site at Kouroussa. The
Project will be developed as both an open pit and an underground
operation.
As approved by Cassidy's shareholders at the shareholder meeting
held on September 25, 2014 (as
previously announced by news release on September 25, 2014), and subsequently accepted by
the TSX Venture Exchange, Alchemists Incorporated is now a control
person of Cassidy, as that term is defined by the policies of the
TSX Venture Exchange and applicable securities legislation.
About Cassidy Gold Corp.
Cassidy is a Canadian mineral development company focused on
gold discovery in the Republic of Guinea, West
Africa. Cassidy is listed on the TSX Venture Exchange under
the symbol "CDX". The Company owns a 100% interest, subject
to a 15% state participation, in the Kouroussa Gold Project in the
Republic of Guinea.
This news release contains certain statements that may be deemed
"forward-looking statements. Forward looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although Cassidy Gold Corp.
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
realities may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs,
estimates and opinions of Cassidy Gold Corp.'s management on the
date the statements are made. Except as required by law, Cassidy
Gold Corp. undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.
Neither the 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 news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES, AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT
BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO
U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
SOURCE Cassidy Gold Corp.