VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES
CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan" or the "Company") is pleased to announce that it has competed the first tranche of a private placement financing of up to 50,000,000 units (the "Units") at a price of $0.15 per Unit for gross proceeds of up to $7.5million. Each Unit consists of one common share in the capital of the Company and one share purchase warrant (the "warrants"), each warrant is exercisable to acquire an additional common share for a period of 2 years from the closing date at a price of $0.20 for the first year and at a price of $.25 for the second year. The Company has sold 9,558,834 units for total gross proceeds of $1,433,825 pursuant to the first tranche.
In connection with the first tranche, the Company will pay a finder's fee commission of $84,300. The securities issued pursuant to the first tranche are subject to a four month hold period from the date of closing. The offering is subject to the approval of the TSX Venture Exchange.
The Company will proceed with the balance of the offering, consisting of 40,441,166 units at a price of $0.15 per unit. The Company may pay finder's fees of up to 6% in cash, units or warrants upon the final closing of the Private Placement.
Net proceeds from the private placement will be applied towards advancement of the Company's Philippine mineral properties and general working capital.
For further information visit our website at www.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.