Cadan Arranges a Non-Brokered Private Placement of $2,500,000
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/22/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: A0MZ25) ('Cadan' or the 'Company') is pleased to announce that subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 8,333,333 units of the Company ('Units') at a price of $0.30 per Unit for gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company and one common share-purchase warrant (a 'Warrant'). Each Warrant entitles the holder to purchase one Warrant Share for a period of 2 years from the Closing Date at a price of $0.45 per Warrant Share.
The gross proceeds from the private placement will be used to advance the development of the Company's two properties being the T'Boli gold and silver mine, currently in final development of small-scale production, and its 9,000ha Comval gold and copper property including the further drilling of the Batoto Gold Stockworks. The funds will also provide the Company with additional working capital.
All securities issued in connection with this financing will be subject to a four-month hold period. The Company may pay a finders' fee of up to 7% of the gross proceeds in connection with a portion of the financing. In addition, finders may also be granted non-transferable finders' warrants entitling the holder to purchase that number of shares equal to 7% of the number of Units for a period of one year after closing.
On behalf of the board of directors,
Robert Butchart, 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.
Contacts:
Cadan Resources Corporation
Robert Butchart
President / CEO
Butch@cadanresources.com
Cadan Resources Corporation
John D. Anderson
Chairman
janderson@cadanresources.com
Cadan Resources Corporation
info@cadanresources.com
www.cadanresources.com