Cadman Arranges Flow Through Financing for Maniwaki West
Cadman Resources Inc. reports that the Company will engage in a non-brokered private placement of up to 3,000,000 flow-through units at a price of $0.08 per FT Unit for aggregate gross proceeds of up to $240,000. The proceeds of the Flow Through Offering raised will be used for allowable exploration expenditures for the newly announced Maniwaki REE project. The Maniwaki West project is comprised of 24 permits adjacent to recent the REE discoveries by Cavan Ventures Inc.
Toronto, Canada, July 30, 2013 --(PR.com)-- Cadman Resources Inc. (CUZ) (the “Company”) reports that the Company will engage in a non-brokered private placement of up to 3,000,000 flow-through units (the "FT Units") at a price of $0.08 per FT Unit for aggregate gross proceeds of up to $240,000 (the “Flow Through Offering”).
Each FT Unit will be comprised of one flow-through common share (an "FT Share") and one common share purchase warrant of the Company (an "FT Warrant"). Each whole FT Warrant will entitle the holder to purchase one common share of the Company (a “Common Share”) for a period of 18 months from the closing date at an exercise price of $0.11 per Warrant Share.
The proceeds of the Flow Through Offering raised will be used for allowable exploration expenditures for the newly announced Maniwaki REE project. The Maniwaki West project is comprised of 24 permits adjacent to recent the REE discoveries by Cavan Ventures Inc.
In addition, the Company will also be offering a hard dollar component of the private placement of up to 3,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $150,000 (the “Hard Dollar Offering” and together with the Flow Through Offering the “Offering”). Each Unit will be comprised of one Common Share and one common share purchase warrant of the Company (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share of the Company for a period of 18 months from the closing date at an exercise price of $0.07 per Warrant Share.
The Company may pay a finder’s fee to agents of the Company consisting of: (i) a cash fee in an amount of up to 10% of the proceeds raised by such finder as part of the Offering, and (ii) a number of finder's warrants entitling the holder thereof to purchase Common Shares ("Finder's Warrant") to a maximum number equal to 10% of the number of both FT Units and 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 including the newly announced Maniwaki REE project. The proceeds of the Hard Dollar Offering will be used for general working capital purposes.
On behalf of the board of Directors
Cadman Resources Inc
“Boris Ziger”
Boris Ziger
CEO & Chairman
Each FT Unit will be comprised of one flow-through common share (an "FT Share") and one common share purchase warrant of the Company (an "FT Warrant"). Each whole FT Warrant will entitle the holder to purchase one common share of the Company (a “Common Share”) for a period of 18 months from the closing date at an exercise price of $0.11 per Warrant Share.
The proceeds of the Flow Through Offering raised will be used for allowable exploration expenditures for the newly announced Maniwaki REE project. The Maniwaki West project is comprised of 24 permits adjacent to recent the REE discoveries by Cavan Ventures Inc.
In addition, the Company will also be offering a hard dollar component of the private placement of up to 3,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $150,000 (the “Hard Dollar Offering” and together with the Flow Through Offering the “Offering”). Each Unit will be comprised of one Common Share and one common share purchase warrant of the Company (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share of the Company for a period of 18 months from the closing date at an exercise price of $0.07 per Warrant Share.
The Company may pay a finder’s fee to agents of the Company consisting of: (i) a cash fee in an amount of up to 10% of the proceeds raised by such finder as part of the Offering, and (ii) a number of finder's warrants entitling the holder thereof to purchase Common Shares ("Finder's Warrant") to a maximum number equal to 10% of the number of both FT Units and 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 including the newly announced Maniwaki REE project. The proceeds of the Hard Dollar Offering will be used for general working capital purposes.
On behalf of the board of Directors
Cadman Resources Inc
“Boris Ziger”
Boris Ziger
CEO & Chairman
Contact
Cadman Resources Inc
Boris Ziger
(416) 304-9935
www.cadmanresourcesinc.com
Boris Ziger
(416) 304-9935
www.cadmanresourcesinc.com
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