| October 8, 2015 – Cadan Announces Private Placement | |
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News Release
600 - 666 Burrard Street Vancouver, BC V6C 3P6
604-687-0760
Symbol: CXD-TSXV
NEWS RELEASE Frankfurt: RFU1
October 8, 2015 - Vancouver, British Columbia - Cadan Resources Corporation (TSXV: CXD) ('Cadan' or the 'Company') provided the following update on it financings.
Pursuant to the press release of July 20, 2015 the TSX- Venture Exchange has approved the issuance of the 13,200,000 units to a corner-stone investor for an investment of $660,000 in the Company's private placement. The Company will also issue 1,267,000 in finders Units.
The Company further intends to complete its private placement offering and raise up to an additional $2,000,000 in $0.05 in Units. The 40,000,000 Units will each consist of one Common Share and one Common Share purchase warrant which entitles the holder to purchase one additional Common Share for a period of 12 months from the date of closing at $0.10. This financing combined with the previously announced financing brings the aggregate totals of new monies raised to approximately $5.6 million. In addition the Company will settle
$1,299,778 in debt by issue 25,995,560 at $0.05 per Unit with the same terms as the private placement. This combined with the previous debt settlements and the refinancing of outstanding Convertible notes reduces the Company's debts by approximately $2.5 million.
The funds raised from the issuance of the Units will be used to continue with the recommencement of mining at its T'Boli mine and for general working capital. The Company will also continue negotiating with its creditors to reduce its debts by issuing additional Units.
Cadan remains committed to and is on track to recommence operations at its T'Boli project . Contact Details
Peter Main ph: +61 2 9449 1112 email: [email protected]
On Behalf of the Board, Peter Main
Interim President and CEO [email protected]
For further information visit our website at www.CadanResources.com; email us at [email protected] Phone: 604-687-0760 Fax: 604-608-5442
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Cadan Resources Corporation
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EXPLORATION STAGE |
CODE : CXD.V |
ISIN : CA12721D2032 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cadan Res. is a silver and gold exploration company based in Canada. Cadan Res. holds various exploration projects in Philippines. Its main exploration properties are NORTH COMVAL, T'BOLI, TAGPURA-MAANGOB, KALAMATAN, CADAN, TAGPURA SKARN and BATOTO / TARALE in Philippines. Cadan Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 6.5 millions as of today (US$ 4.9 millions, € 4.4 millions). Its stock quote reached its highest recent level on April 08, 2004 at CA$ 9.84, and its lowest recent point on November 27, 2015 at CA$ 0.03. Cadan Res. has 161 840 712 shares outstanding. |