Cadman Resources Inc.
CNSX : CUZ

Cadman Resources Inc.

December 21, 2012 12:41 ET

Cadman Announces $250,000 Financing

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2012) - Cadman Resources Inc. (CNSX:CUZ) (the "Company") is pleased to announce that the Company will engage in a non-brokered private placement of up to 2,500,000 flow-through units (the "FT Units") at a price of $0.06 per FT Unit for aggregate gross proceeds of up to $150,000 (the "Flow Through Offering"). Each FT Unit will be comprised of one flow-through common share (an "FT Share") and one common share purchase warrant of the Company (an "FT Warrant"). Each whole FT Warrant will entitle the holder to purchase one common share of the Company (a "Common Share") for a period of 24 months from the closing date at an exercise price of $0.09 per Warrant Share.

In addition, the Company will also be offering a hard dollar component of the private placement of up to 2,090,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $104,500 (the "Hard Dollar Offering" and together with the Flow Through Offering the "Offering"). Each Unit will be comprised of one Common Share and one common share purchase warrant of the Company (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share of the Company for a period of 24 months from the closing date at an exercise price of $0.07 per Warrant Share.

The Company may pay a finder's fee to agents of the Company consisting of: (i) a cash fee in an amount of up to 8% of the proceeds raised by such finder as part of the Offering, and (ii) a number of finder's warrants entitling the holder thereof to purchase Common Shares ("Finder's Warrant") to a maximum number equal to 8% of the number of both FT Units and Units placed through the finder as part of the Offering.

The proceeds of the Flow Through Offering raised will be used for allowable exploration expenditures with respect to the Company's Canadian mineral projects. The proceeds of the Hard Dollar Offering will be used to finance acquisition costs and for general working capital purposes. Certain directors and employees of the Company as a group will be participating in up to 30% of the Offering.

On behalf of Management

CADMAN RESOURCES INC.

Boris Ziger, CEO & Chairman

The Company's filings are available for review at www.sedar.com and http://www.cnsx.ca/.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

The CNSX has not reviewed, approved or disapproved the content of this press release.

Contact Information

  • Cadman Resources Inc.
    Boris Ziger
    Chief Executive Officer
    416-304-9935

    Cadman Resources Inc.
    Derek Bartlett
    President
    416-304-9935
    info@cadmanresourcesinc.com