CNF Cadan Resources Old (Tier2)

CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) (the "Company") announced today
that it has amended the terms of various outstanding share purchase warrants and
incentive stock options.


Warrants to purchase up to 43,000,000 common shares in the capital of the
Company are being amended, including: (i) reducing the exercise price from the
current price of $0.30 per share to $0.16 per share and extending the expiry
date from October 31, 2009 to October 31, 2012 on 33,000,000 warrants including
a total of 841,667 warrants held by directors or officers of the Company; and
(ii) extending the expiry date from August 14, 2009 to August 14, 2013 on
10,000,000 warrants with an exercise price of $0.30, including 2,500,000
warrants held by a director and officer of the Company.


The amendments to the warrants are subject to acceptance for filing by the TSX
Venture Exchange and the approval of the warrant holders.


The Company also announced that it has amended the exercise price of 10,735,000
existing stock options to directors, officers and consultants and has extended
the expiry date to the date that is 10 years from the date of the original grant
of the options. The options are governed by the Company's stock option plan (the
"Plan") and are an important component of the Company's executive compensation
strategy providing employees, consultants, officers and directors with long-term
equity-based performance incentives. The options are being repriced to bring
them more in line with current market prices of the Company's common shares so
as to ensure that the interests of management are aligned with shareholders'
interests and to link performance compensation to enhancement of shareholder
value.


The 10,735,000 options are being repriced to $0.10 per share and consist of:
2,300,000 options repriced from $0.15 per share and now expiring on July 24,
2017; 2,562,500 options repriced from $0.20 per share that were previously
repriced in July 2007 and with new expiry dates ranging from September 30, 2014
to July 12, 2016; 5,872,500 options repriced from $0.15 per share and now
expiring on November 6, 2017; and 500,000 options repriced from $0.15 and now
expiring on April 15, 2018.


The Company has also amended the terms of the Plan to allow for options to be
granted with a maximum term of 10 years from the date of grant in accordance
with recent changes to the policies of the TSX Venture Exchange. The amendment
to the Plan is subject to TSX acceptance and shareholder approval which will be
sought at the Company's annual general meeting of shareholders to be held on
June 18, 2009.


The amendments to the options are subject to acceptance for filing by the TSX
Venture Exchange and the approval of the disinterested shareholders of the
Company, and therefore none of the amended options may be exercised at the new
price prior to such approval being obtained. The extension of the expiry dates
for the options are also subject to the approval of the amendments to the Plan.


Cadan Resources Corporation is a junior exploration company with operations in
the Philippines and Colombia and trades on the TSX Venture Exchange (Canada)
with trading symbol CNF-V.


On behalf of the board of directors,

Brett Taylor, President & CEO

This press release contains forward-looking information within the meaning of
Canadian securities laws. Such information includes, without limitation,
information regarding the TSX Venture Exchange acceptance of the amendments to
the warrants, options and Plan, shareholder approval of the amendments to the
Plan and disinterested shareholder approval of amendments to the options and the
anticipated business and financing plans of the Company. Although the Company
believes that such information is reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking information is typically
identified by words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their nature, refer
to future events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future results or
performance, and that actual results may differ materially from those in forward
looking information as a result of various factors, including, but not limited
to, the state of the financial markets for the Company's equity securities, the
state of the market for gold or other minerals that may be produced generally,
recent market volatility; variations in the nature, quality and quantity of any
mineral deposits that may be located, the Company's ability to obtain any
necessary permits, consents or authorizations required for its activities, to
raise the necessary capital or to be fully able to implement its business
strategies and other risks associated with the exploration and development of
mineral properties. The reader is referred to the Company's most recent annual
and interim Management's Discussion and Analysis for a more complete discussion
of such risk factors and their potential effects, copies of which may be
accessed through the Company's page on SEDAR at www.sedar.com.

Cadan Resources Old (Tier2) (TSXV:CNF)
Historical Stock Chart
From May 2024 to Jun 2024

Cadan Resources Old (Tier2) (TSXV:CNF)
Historical Stock Chart
From Jun 2023 to Jun 2024