Cadillac Ventures (CVE:CDC) announced late Thursday the appointment of Bing Pan to its board of directors, the nominee of Sino-Canada Resources Fund I, which recently invested $1.2 million into the company through a private placement.
Sino-Canada Resources recently acquired 20 million common shares of Cadillac and 20 million warrants, for total proceeds of $1.2 million. The placement closed at the end of last month.
Cadillac says it plans to use the new funds for expenditures on its Canadian exploration properties and for working capital needs.
Last month, the company announced the discovery of polymetallic veining consisting of silver and copper at its Burnt Hill property in New Brunswick - the first such discovery at the property to the company's knowledge.
The Burnt Hill property stretches 11,000 hectares and although historical prospecting activity was carried out during the 1970s, work largely focused on the Burnt Hill mine site, and did not include exploration for silver.
The historic tungsten/tin mine was actually taken to test production by Cadillac's CEO Norman Brewster for Canadian International Paper during the early 1980s. The company is working to update the resource model at the deposit, with results from 16 recent drill holes not previously included in the existing NI 43-101 report.
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