Cadan Proposes Share for Debt Offering
The Transaction is one of a series of steps of the Company has been carrying out since March 2014 to reduce its net debt, including careful control over operating costs, and general and administrative expenses. In addition, the Company continues to actively seek funds to further the progress on the T’Boli Project. The recently announced Facility agreement for up to $6.4 mill (see press release of January 11, 2016) is placing Cadan in a position to be able to grow and achieve its goals of sustainable production.
The Company wishes to recognize the efforts and commitment by Mr. Peter Main, President and CEO in advancing the Company over the past two years. Working to reduce its debt and bringing in new funding allowing for its first gold pour since the plant closure in September 2014, Mr. Main has delivered on a number of significant technical and corporate milestones pursuant to his mandate and consulting agreement (the “Agreement”) with Cadan. Pursuant to the Agreement the Company wishes to issue Mr. Main 3 mill common shares in the Company at a deemed price of $0.05 cents per share. The issuance of the bonus shares will be subject to shareholder and TSX Venture Exchange acceptance and will be subject to a 4-month hold period on issuance.