January 18, 2013 - Mighty River International Ltd.(the "Company" or "Mighty River") announces that on December 6, 2012, it acquired ownership of 6,161,334 common shares (the "Common Shares") of Cadan Resources Corporation- CXD-TSXV www.cadanresources.com ("Cadan") representing a total of 5.41% of Cadan's issued and outstanding Common Shares. The Company also acquired a total of 6,161,334 common share purchase warrants of Cadan (a "Warrant"), each Warrant entitling the holder thereof to acquire one additional Common Share for a period of 24 months at a price of $0.20 per share for the first 12 months from the issuance date and at $0.25 per share for the 12 months thereafter.
As a result of the forgoing acquisition, the Company owns a total of 19,008,334 Common Shares representing approximately 16.32% of Cadan's issued and outstanding Common Shares. The Company also owns Warrants exercisable into a total of 16,461,334 Common Shares of Cadan. Should the Company's Warrants be fully exercised, it would own 35,469,668 Common Shares representing approximately 26.68% of Cadan's issued and outstanding Common Shares on a partially diluted basis assuming the exercise of the Company's Warrants only. The exercise of the Warrants was subject to Cadan shareholder approval, which was obtained on January 18, 2013.
The Common Shares were acquired by Mighty River for investment purposes. The Company intends to evaluate these holdings and to increase or decrease his investment in Cadan as circumstances warrant.
A report containing additional information with respect to the foregoing matters will be filed with the Securities Commission in each jurisdiction where Cadan is a reporting issuer and will be available for viewing through the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
A copy of the report can be obtained by contacting the Company directly at:
Mighty River International Limited
PO Box 957, Offshore Incorporation Centre, Road Town Tortola,
BRITISH VIRGIN ISLANDS
This news release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
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