VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 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 received subscriptions to purchase an additional $2,290,200 of Units at $0.15 per Unit in connection with its previously announced non-brokered private placement. Closing of the additional subscriptions is subject to TSX Venture Exchange approval. On closing, and when combined with the previous tranches, the Company will have issued a total of 28,756,834 units for gross proceeds of $4,313,525.
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 $0.25 for the second year.
Net proceeds from the private placement will be applied towards advancement of the Company's Philippine mineral properties and general working capital.
The Company further announces that pursuant to the Company's Stock Option Plan wishes to grant 4.5 million stock options at a price of $0.15 per common share to employees, directors, advisors and consultants of the Company. As per the Company's Stock Option Plan, the options granted are exercisable until October 16, 2017. Grant of the options is subject to the approval of the TSX Venture Exchange.
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.