Results of Cadillac Annual General Meeting

Rhea-AI Summary

Cadillac Ventures Inc. held its Annual General Meeting on February 11, 2022, re-electing all existing directors while welcoming new director Giacomo Grassi. The company continues to address a Cease Trade Order imposed by the Ontario Securities Commission due to overdue audited financial statements since October 4, 2021. Despite this, Cadillac benefits from oil production income across 12 wells in Mississippi and is exploring further opportunities pending the lifting of the order. The company is also restructuring its website for resumed trading.

Positive

• Annual General Meeting resulted in the re-election of all existing directors and the election of a new director, enhancing governance.
• The company has oil production income from 12 wells in Mississippi, providing a financial backbone while exploring growth opportunities.

Negative

• Cease Trade Order remains in effect, limiting trading and potentially affecting investor confidence.
• Failure to file audited financial statements has delayed regulatory compliance and could impact future operations.

TORONTO, ON / ACCESSWIRE / February 18, 2022 / Cadillac Ventures Inc. ("Cadillac" or the "Company") (TSXV:CDC) announces that that its Annual General Meeting was held on February 11^th in Toronto. All Existing Directors were re-elected. One new Director, Giacomo Grassi, was elected and all Resolutions proposed for the meeting were passed.

A Cease Trade Order was issued against the company by the Ontario Securities Commission on October 4^th, 2021, for failure to file its Audited Financial Statements as required for the year ending May 31, 2021. The order remains in place. However, the Company is working with its auditors to complete the filing.

Following the Amalgamation with KFG Resources, Cadillac has interest in, and receives income from, oil production in 12 wells located in Adams and Jefferson counties Mississippi. Cadillac is evaluating other opportunities which will be pursued once the Cease Trade Order has been lifted.

Cadillac has engaged a website creator to restructure its website, anticipating a resumption in trading of the company's share following all regulatory approvals.

Cautionary statement regarding forward-looking statements

This press release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "assumes", "potential" and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, statements and expectations. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on Cadillac's respective expectations and considered reasonable at the time they were made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including those described in Cadillac's respective public disclosure documents on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this release. Unless required by law, Cadillac does not intend to, or assume any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please visit Cadillac's website www.cadillacventures.com, or contact Norman Brewster, President and Chief Executive Officer, at 905-837-2000.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.

SOURCE: Cadillac Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/689539/Results-of-Cadillac-Annual-General-Meeting

FAQ

What happened at Cadillac Ventures Inc.'s Annual General Meeting on February 11, 2022?

All existing directors were re-elected, and Giacomo Grassi was elected as a new director.

What is the status of the Cease Trade Order against Cadillac Ventures Inc.?

The Cease Trade Order remains in effect due to the company's failure to file required audited financial statements.

How many oil wells does Cadillac Ventures Inc. have?

Cadillac Ventures has interests in and receives income from 12 oil wells located in Mississippi.

What steps is Cadillac Ventures Inc. taking to resume trading?

The company is restructuring its website and working on filing its audited financial statements to address regulatory requirements.