NOT FOR DISTRIBUTION IN THE UNITED STATES
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 an additional $2 million of convertible debentures as previously announced on January 4, 2013. The convertible debentures and warrants above are subject to a four month hold period expiring May 15, 2013. When combined with the previous closing, the Company will have accepted $4,460,700 in gross proceeds for the convertible notes.
The convertible debentures are convertible into common shares of the Company at a price of $0.20 per share until July 14, 2013. Purchasers of the convertible debenture also received one detached warrant for each common share underlying the convertible debenture. Each warrant is exercisable into a common share of the Company until July 14, 2014 at a price of $0.20 per share. Insiders that participated in the offering however are subject to a 24 month conversion period, and received a 24 month detached warrant.
Finders fees will be issued in the amount of $247,650.
For further information visit our website at www.cadanresources.com; email us at [email protected], or contact:
Robert ButchartJohn D. Anderson
President / CEOChairman
Email: [email protected] Email: [email protected]
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.