Cadan Announces Refinancing of Convertible Debentures
November 12 2013 - 2:35PM
Access Wire
VANCOUVER, BC - CADAN RESOURCES
CORPORATION ("Cadan" or the "Company") is
pleased to announce that it has successfully negotiated the
refinancing of a total of $3,637,661 in principal and interest
payable on maturity of convertible debentures that became due on
June 21, 2012 and July 14, 2013. Pursuant to the refinancing, the
Company will issue a total of 21,825,980 common shares and
$2,546,362 of new convertible debentures. The new convertible
debentures will be convertible into common shares of the Company at
a price of $0.08 per share until June 1, 2014. In connection with
the private placement, the Company will also issue a total of
45,470,761 common share purchase warrants of the Company, each
warrant exercisable into a common share of the Company at a price
of $0.08 per share until June 1, 2015. Closing of the private placement is
subject to approval by the TSX Venture Exchange.
The Company also
announces that it has drawn down a further USD$400,000 pursuant to
the secured loan facility agreement entered into with Mighty River
International Ltd. in May 2013, with a further USD$600,000 being
committed by the lender upon closing of the refinancing.
Amounts drawn bear interest at a
rate of 8 per cent per annum and are repayable in 12 months from
the draw date.
The
Company is in discussions to raise further funds by debt and equity
to fund continued development and exploration of its T'Boli Gold
Project. Activities include capital development to access
identified ore lodes, establishment of mine infrastructure, level
development along ore lodes, establishment and commencement of
narrow vein stoping, underground diamond drilling and processing of
gold ore resulting from activities. The current diamond drill
program that commenced in the second quarter of this year targeting
delineation of the "Golden Beam" (which is a shoot within the main
South Vein System) has continued and compilation of latest results
has commenced. An update of project activities including
exploration results is being prepared and will be published in the
next quarterly MD&A report which is expected to be out by the
end of November as required.
T'Boli Gold Production for
the Quarter to the end of September
-----------------------------------------------
| | grams |oz. | tons milled |
|---------------------------------------------|
|July | | | |
| | 13,534.30 | |2,126.00 |
| | | | |
| | | 435.14| |
|---------------------------------------------|
|August | | | |
| |8,665.90 | |1,044.00 |
| | | | |
| | | 278.62| |
|---------------------------------------------|
|September| | | |
| |7,068.00 | | 809.00 |
| | | | |
| | | 227.24| |
|---------------------------------------------|
|Total | | | |
| | 29,268.20 | |3,979.00 |
| | | | |
| | | 940.99| |
-----------------------------------------------
For
further information visit our website at www.cadanresources.com; email
us at info@cadanresources.com, or
contact:
Robert Butchart
President
Email: butch.cadan@gmail.com
Neither the 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.
NOT FOR DISTRIBUTION IN THE UNITED
STATES
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