Cadan Completes First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/02/11 -- 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 8,333,333 units at a price of $0.30 for gross proceeds of $2,500,000. Each unit consists of one share and one share purchase warrant, with each warrant exercisable to acquire an additional share for a period of 2 years from the closing date at a price of $0.45. The Company has sold 4,560,667 units for total proceeds of $1,368,200 pursuant to the first tranche.
In connection with the first tranche, the Company will pay finder's fee commissions of 259,140 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 3,772,666 units at a price of $0.30 per unit.
Net proceeds from the private placement will be applied towards the development of the Company's two properties being the T'Boli gold and silver mine and provide the Company with additional working capital.
CADAN RESOURCES CORPORATION
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
John D. Anderson
Chairman
604-218-7400
janderson@cadanresources.com
Cadan Resources Corporation
Robert Butchart
President / CEO
Butch@cadanresources.com
Cadan Resources Corporation
info@cadanresources.com
www.cadanresources.com