VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 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 second tranche of its previously announced 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. The second tranche consisted of an additional 3,930,000 units at a price of $0.15 per unit for gross proceeds of $589,500. When combined with the first tranche, the company has issued a total of 13,488,834 units for gross proceeds of $2,023,325.
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.
In connection with the second tranche, the Company will pay a finder's fee commission of $40,425. The securities issued pursuant to the second 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 36,511,166 units at a price of $0.15 per unit. The Company may pay finder's fees 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.
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.