TORONTO, ONTARIO--(Marketwire - Jan 7, 2013) - Cadman Resources Inc. (CNSX:CUZ) (the "Company") is pleased to announce that further to the Company''s December 21, 2012 press release, Cadman Resources Inc. has closed a non-brokered private placement of 2,003,333 flow-through units (the "FT Units") at a price of $0.06 per FT Unit for aggregate gross proceeds of $120,199 (the "Flow Through Offering"). Each FT Unit is comprised of one flow-through common share (an "FT Share") and one common share purchase warrant of the Company (an "FT Warrant"). Each FT Warrant will entitle the holder to purchase one common share of the Company (a "Common Share") for a period of 24 months from the closing date at an exercise price of $0.09 per Warrant Share.
In addition, the Company closed its hard dollar offering of 2,090,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $104,500 (the "Hard Dollar Offering" and together with the Flow Through Offering the "Offering"). Each Unit is comprised of one Common Share and one common share purchase warrant of the Company (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share of the Company for a period of 24 months from the closing date at an exercise price of $0.07 per Warrant Share.
The Company paid a finder''s fee consisting of: (i) a cash fee equal to 8% of the proceeds raised by such finder as part of the Offering, and (ii) 136,266 finder''s warrants entitling the holder thereof to purchase Common Shares to a maximum number equal to 8% of the number of FT Units placed through the finder as part of the Offering.
The proceeds of the Flow Through Offering raised will be used for allowable exploration expenditures with respect to the Company''s Canadian mineral projects. The proceeds of the Hard Dollar Offering will be used to finance acquisition costs and for general working capital purposes. Certain directors and employees of the Company as a group participated in up to 30% of the Offering.
On behalf of Management
CADMAN RESOURCES INC.
Boris Ziger, CEO & Chairman
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation''s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
- Investment & Company Information
Chief Executive Officer
Cadman Resources Inc.