Cadan Proposes Share for Debt Offering

VANCOUVER, BC–(Marketwired – February 23, 2016) – CADAN RESOURCES CORPORATION (“Cadan” or the “Company”) (TSX VENTURE: CXD[1]) announces that it is seeking to enter into shares-for-debt settlement agreements whereby Cadan will issue up to 20,000,000 Units (“Unit”) to current creditors of the Company. Each Unit will consist of one common share of the corporation and one Share Purchase warrants allowing the holder to convert into one common share at a price of $0.10 for up to 12 months, the Units will be offered at a deemed floor price of $0.05 per unit to settle dated account payables. The shares-for-debt settlements will be subject to the approval of the TSX Venture Exchange (“TSX-V”) and will be subject to a 4-month hold period.

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.

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