Vancouver, Dec. 15, 2010 -
Cadan Resources Corporation (TSX VENTURE: CXD) is pleased to announce that it has competed its previously announced private placement financing. The Placement consisted of 11 million units at a price of $0.65 per unit for gross proceeds of $7,150,000.
Each unit consists of one share and one share purchase warrant, with each warrant exercisable to acquire an additional share for a period of 2 years from the closing date at an exercise price of $1.10.
In connection with the placement the Company has issued finder's units equal to 10% of the units sold.
Net proceeds from the private placement will be applied towards advancement of the Company's Philippines minerals properties and general working capital.
CADAN RESOURCES CORPORATION
Neither 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.
For more information, please contact
Cadan Resources Corporation
John Anderson, Director
604-218-7400
info@cadanresources.com
www.cadanresources.com
