Cadan Resources Corp. Completes First Tranche of Private Placement
03.09.2010 | Marketwire
Vancouver, Sept. 3, 2010 - Cadan Resources Corporation (TSX VENTURE: CXD) (FRANKFURT: A0MZ25) (“Cadan“ or the “Company“) is pleased to announce that it has competed the first tranche of a private placement financing of up to 3,000,000 units at a price of $0.65 for gross proceeds of $1,950,000. Each unit consists of one share and one share purchase warrant, with each warrant exercisable to acquire an additional share for a period of 5 years from the closing date at a price of $1.00 for the first 2 years from the closing date and at a price of $1.25 for the 3 years thereafter. The Company has sold 1,953,846 units for total proceeds of $1,270,000 pursuant to the first tranche.In connection with the first tranche, the Company will pay finder's fee commissions of 126,000 units. The securities issued pursuant to the first tranche and the finders' fees are subject to a four month hold period from the date of closing.
The Company will proceed with the balance of the offering, consisting of 1,046,154 units at a price of $0.65 per unit.
Net proceeds from the private placement will be applied towards advancement of the Company's Philippines minerals properties and general working capital.
On behalf of the board of directors,
Brett Taylor
President / CEO
Cadan Resources Corporation is a gold-silver-copper company with a high quality portfolio of mineral assets, located in the Philippine Island of Mindanao, long recognized as one of the country's most mineralized areas.
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 release.
For more information, please contact
Cadan Resources Corporation
Brett Taylor, President / CEO
btaylor@cadanresources.com or
Cadan Resources Corporation
John D. Anderson, Chairman
604-218-7400
janderson@cadanresources.com
www.cadanresources.com