Cadan Resources Corporation Completes Second Tranche of Private Placement
05.10.2010 | Marketwire
Vancouver, Oct. 5, 2010 - Cadan Resources Corporation (TSX VENTURE: CXD) (FRANKFURT: A0MZ25) (“Cadan“ or the “Company“) is pleased to announce that it has competed the second tranche of its previously announced private placement financing. The second tranche consisted of an additional 2,746,171 units at a price of $0.65 per unit for gross proceeds of $1,785,011. When combined with the first tranche, the company issued a total of 4,700,017 units for gross proceeds of $3,055,011. The company originally announced an offering of up to 3 million units however due to strong demand increased the offering by offering an additional 1.7 million units.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.
In connection with the second tranche, the Company will pay finder's fees and commissions totalling $75,495 in cash, 38,308 in units, and 175,082 in warrants, with the units and warrants having the terms described above. The securities issued pursuant to the second tranche and the finders' fees are subject to a four month hold period from the date of closing.
Net proceeds from the private placement will be applied towards advancement of the Company's Philippines minerals properties and general working capital.
CADAN RESOURCES CORPORATION
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. For further information visit our website at www.cadanresources.com or email: info@cadanresources.com.
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