Cadan Proposes Share for Debt Offering
VANCOUVER, BC--(Marketwired - February 23, 2016) - Cadan Resources Corp. ("Cadan" or the "Company") (TSX VENTURE: CXD) announces that it is seeking to enter into shares-for-debt settlement agreements whereby Cadan will issue up to 20,000,000 Units ("Unit") to current creditors of the Company. Each Unit will consist of one common share of the corporation and one Share Purchase warrants allowing the holder to convert into one common share at a price of $0.10 for up to 12 months, the Units will be offered at a deemed floor price of $0.05 per unit to settle dated account payables. The shares-for-debt settlements will be subject to the approval of the TSX Venture Exchange ("TSX-V") and will be subject to a 4-month hold period.
The Transaction is one of a series of steps of the Company has been carrying out since March 2014 to reduce its net debt, including careful control over operating costs, and general and administrative expenses. In addition, the Company continues to actively seek funds to further the progress on the T'Boli Project. The recently announced Facility agreement for up to $6.4 mill (see press release of January 11, 2016) is placing Cadan in a position to be able to grow and achieve its goals of sustainable production.
The Company wishes to recognize the efforts and commitment by Mr. Peter Main, President and CEO in advancing the Company over the past two years. Working to reduce its debt and bringing in new funding allowing for its first gold pour since the plant closure in September 2014, Mr. Main has delivered on a number of significant technical and corporate milestones pursuant to his mandate and consulting agreement (the "Agreement") with Cadan. Pursuant to the Agreement the Company wishes to issue Mr. Main 3 mill common shares in the Company at a deemed price of $0.05 cents per share. The issuance of the bonus shares will be subject to shareholder and TSX Venture Exchange acceptance and will be subject to a 4-month hold period on issuance.
On Behalf of the Board,
Peter Main
President
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.
Contact
Peter Main
President
61-4-08-193-325
Cadan Resources Corp.
info@cadanresources.com
www.cadanresources.com
