Cadre arranges 650,000-share private placement

new.stockwatch.com 2003-03-13 17:11 ET - News Release Ms. R. Page Chilcott reports

Cadre Resources Ltd Snapshot Symbol CSL.T Shares Issued 8,971,715 Close 2003-03-07 C$ 0.09

Cadre Resources has negotiated a private placement for a total of 650,000 common shares at 10 U.S. cents per share based on the following terms: 400,000 common shares at 10 U.S. cents payable immediately; and 250,000 common shares at 10 U.S. cents payable by the sooner of August, 2003, or at such time as the weighted trading market price of the common shares of the company exceeds (equivalent) 30 U.S. cents for five consecutive trading days.

No finder's fees are payable on the transaction.

As previously reported, the company has arranged a joint venture with Bateman Project Holdings Ltd. and Seabulk Systems Inc. with the objective of developing jointly, the multiproduct alluvial mineral-quartz/granite aggregate extraction project known as the Caroni River project in the state of Bolivar, Venezuela.

The proceeds of the private placement will be used for the furtherance of the goals of the joint venture.

On behalf of the joint venture, a Propuesta proposal has been submitted to Venezuela authorities requesting the right to conduct a bankable feasibility study on the project with the right of tenure to jointly develop, design, construct and startup the project subject to favourable outcome of the study.

A recent meeting requested by Venezuelan authorities was postponed due to recent (force majuere) events in Venezuela causing a delay in the granting of the feasibility permitting.

That meeting is to be rescheduled at a mutually acceptable time. The project represents much sought after foreign investment in a multiproduct, multimarket, non-petroleum export.

The proposed project adheres to the four principles of sustainable development: environmentally friendly, ecologic sustainability, economic vitality and social equity over a project life of 50-plus years.