VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES
The following corrects and replaces the release issued on November 14, 2012 on behalf of Cadan Resources Corporation. The warrants expiration date has been corrected.
CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan" or the "Company") Pursuant its previously announced non-brokered private placement the Company has closed on 10,300,000 Units to a Single Singapore based investor and will, upon completion of standard TSXV background check and approval, complete an additional 6,161,334 units to the same investor. The Company has been informed by the TSXV that it may take approximately three weeks to complete.
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 at a price of $0.20 until November 7, 2013 and at a price of $0.25 until November 7, 2014.
On a combined basis, including subscriptions pending TSXV approval, the Company will have issued a total of 32,059,829 units for gross proceeds of $4,808,974.35.
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.