Cadan Completes Convertible Note Issue
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/23/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) is pleased to announce that it has completed the convertible note issue to raise C$2.5 million ("Convertible Note Issue"). The Convertible Note Issue comprised the issue of 2.5 million convertible notes each with a face value of C$1 per note ("Convertible Notes"). The Convertible Notes were issued to institutional and sophisticated investors introduced by Azure Capital Limited of Perth, Australia ("Azure Capital") as Lead Manager to the Convertible Note Issue. A summary of the terms of the Convertible Notes is set out in Annexure A to this announcement.
The proceeds of the Convertible Note Issue, combined with the recent C$2.45 million private placement, announced on December 20, 2011, will provide the Company with the necessary working capital to advance the on-going exploration activities at the Company's flagship T'Boli Project. Cadan is continuing to focus on exploration and lateral development along a number of vein systems at the T'Boli project. Cadan is also in the process of securing a mining license to permit production at the project.
The Convertible Notes and any securities issued on conversion thereof are subject to a four month hold period expiring April 24, 2012.
On behalf of the board of directors,
Robert Butchart, President / CEO
For further information visit our website at .
Annexure A - Summary of Convertible Note Terms
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.
Contacts:
Cadan Resources Corporation
Robert Butchart
President / CEO
Cadan Resources Corporation
John D. Anderson
Chairman
604 687 0760
604 628 5001 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 23.12.2011 - 22:30 Uhr
Sprache: Deutsch
News-ID 99859
Anzahl Zeichen: 14148
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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"Cadan Completes Convertible Note Issue"
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