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Second Tranche of Non-Brokered Private Placement Completed
May 21, 2009 01:12PM
May 21, 2009
Cadan Resources Corporation: Second Tranche of Non-Brokered Private Placement Completed
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2009) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CADAN RESOURCES CORPORATION (the "Company") (TSX VENTURE:CNF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement originally announced on February 12, 2009. The Company sold 3,556,667 common shares in the capital of the Company ("Shares") in the second tranche at a price of $0.06 per Share for gross proceeds of $213,400. The Company sold in both tranches a total of 15,635,982 Shares for gross proceeds of $938,159.
All securities issued pursuant to the second tranche bear a four month hold period expiring on September 22, 2009.
The gross proceeds from the private placement will be used to advance development of the T'Boli gold-silver deposit and detailed exploration of surrounding area, further drilling and leaching analysis of the Tagpura-Kalamatan porphyry copper-gold property and to provide the Company with additional working capital.