01/04/2013
[ACCESSWIRE]
VANCOUVER, BC - CADAN RESOURCES CORPORATION (TSX-V: CXD; Frankfurt: AOMZ.25) ("Cadan" or the "Company") is pleased to announce that it has completed the sale of $2.4 million of convertible debentures previously announced on December 20, 2012. The convertible debentures and warrants to above are subject to a four month hold period expiring March 24, 2013.
In addition, Cadan is pleased to announce that it has increased the offer of convertible notes to up to $4.5 million.
The convertible debentures are convertible into common shares of the Company at a price of $0.20 per share for a period of six months from the closing date. Purchasers of the convertible debenture also are entitled to receive one detached warrant for each common share underlying the convertible debenture. Each warrant is exercisable into a common share of the Company for a period of 18 months from the date the closing date at a price of $0.20 per share. Insiders may participate in the offering however will be subject to a 24 month conversion period, and will be entitled to receive a 24 month detached warrant.
The Company is also pleased to announce that it has fully repaid $2.5 million in principal amount plus interest on convertible notes that matured and became repayable on December 24, 2012. The notes were issued on December 23, 2011 and were repaid by Cadan on the maturity date in accordance with their terms.
Closing of the sale of additional convertible debentures is subject to TSX Venture Exchange acceptance of the offer.
For further information visit our website at www.cadanresources.com; email us at info@cadanresources.com, or contact:
Robert ButchartJohn D. Anderson
President / CEOChairman
Email: butch.cadan@gmail.com Email: janderson@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.
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