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03.05.2013
Cadan Announces USD$5 Million Loan Facility
Cadan Announces USD$5 Million Loan Facility
VANCOUVER, BC - CADAN RESOURCES CORPORATION (TSX-V: CXD; Frankfurt: AOMZ.25) is pleased to announce that it has entered into an agreement with Mighty River International Ltd. of Singapore, whereby Mighty River is providing the Company with a US$5 million loan facility. The facility may be drawn down in increments of USD$1 million, with an initial draw of US$1 million having been made at the time of signing. Amounts drawn bear interest at a rate of 8% per annum and are repayable in 12 months from the draw date. The company has six months to make further draws on the loan facility, with the availability of each future draw being subject to certain conditions being met. Cadan has agreed to provide the lender with security over its assets, with the form of security to be negotiated and settled within 15 days. In connection with the loan agreement, Cadan, Mighty River, and Cadan's Philippine affiliate, Tribal Mining Corporation, will enter into royalty agreements pursuant to which Mighty River will be entitled to receive a 1% production royalty on the T'Boli Mine located in the Philippines for each USD$1 mill advanced to Cadan.
For further information visit our website at www.cadanresources.com; email us at info@cadanresources.com, or contact:
Robert Butchart
President / CEO
Email: butch.cadan@gmail.com
John D. Anderson
Chairman
Email: janderson@cadanresources.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.
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VANCOUVER, BC - CADAN RESOURCES CORPORATION (TSX-V: CXD; Frankfurt: AOMZ.25) is pleased to announce that it has entered into an agreement with Mighty River International Ltd. of Singapore, whereby Mighty River is providing the Company with a US$5 million loan facility. The facility may be drawn down in increments of USD$1 million, with an initial draw of US$1 million having been made at the time of signing. Amounts drawn bear interest at a rate of 8% per annum and are repayable in 12 months from the draw date. The company has six months to make further draws on the loan facility, with the availability of each future draw being subject to certain conditions being met. Cadan has agreed to provide the lender with security over its assets, with the form of security to be negotiated and settled within 15 days. In connection with the loan agreement, Cadan, Mighty River, and Cadan's Philippine affiliate, Tribal Mining Corporation, will enter into royalty agreements pursuant to which Mighty River will be entitled to receive a 1% production royalty on the T'Boli Mine located in the Philippines for each USD$1 mill advanced to Cadan.
For further information visit our website at www.cadanresources.com; email us at info@cadanresources.com, or contact:
Robert Butchart
President / CEO
Email: butch.cadan@gmail.com
John D. Anderson
Chairman
Email: janderson@cadanresources.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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA12721D2032">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA12721D2032</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.