By Angela McDaniels
Tacoma, Wash., Jan. 14 - Cadan Resources Corp. plans to conduct a private placement of units for up to C$2.98 million, according to a company news release.
The company will sell up to 3.5 million units for C$0.85 each.
Each unit will consist of one common share and warrant. Each warrant will be exercisable at C$1.25 for 18 months.
Cadan said insiders may participate for more than 25% of the placement.
The private placement is subject to approval by the TSX Venture Exchange.
The proceeds will be applied toward the advancement of the company's Philippines minerals properties and general working capital.
Cadan is gold-silver-copper exploration company based in Vancouver, B.C.
| Issuer: | Cadan Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,975,000
|
| Units: | 3.5 million
|
| Price: | C$0.85
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25
|
| Pricing date: | Jan. 14
|
| Stock symbol: | TSX Venture: CXD
|
| Stock price: | C$0.98 at close Jan. 13
|
| Market capitalization: | C$33.36 million
|
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