Offering finances development of Philippines minerals properties
By Devika Patel
Knoxville, Tenn., Dec. 9 - Cadan Resources Corp. said it plans a C$2.45 million private placement of stock. The deal priced Dec. 6.
The company will sell 16,336,667 common shares at C$0.15 apiece. The price per share is a 25% discount to C$0.20, the Dec. 5 closing share price.
The company also plans to raise between C$2.5 million to C$3 million by selling convertible notes. Azure Capital Ltd. will be the lead manager of the offering and will also participate. The convertibles will settle on Dec. 16.
Proceeds of the placement and notes will be used for development of the company's Philippines minerals properties and general working capital.
Cadan is a Vancouver, B.C., gold, silver and copper exploration company.
| Issuer: | Cadan Resources Corp.
|
| Issue: | Common shares
|
| Amount: | C$2,450,500
|
| Shares: | 16,336,667
|
| Price: | C$0.15
|
| Warrants: | No
|
| Pricing date: | Dec. 6
|
| Stock symbol: | TSX Venture: CXD
|
| Stock price: | C$0.18 at close Dec. 6
|
| Market capitalization: | C$10.01 million
|
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