MANILA, Philippines – Cadan Resources Corp. of Canada said it was raising $1.5 million for the development of the T’Boli gold-silver deposit and the detailed exploration of surrounding area, as well as for working capital.

Company president and CEO Brett Taylor said in a statement that Cadan was arranging a “non-brokered private placement” consisting of up to 15,000,000 units of company shares at $0.10 per unit. Gross proceeds could reach $1,500,000.

The placement is still subject to regulatory acceptance, Cadan said.

Each unit will consist of one common share of the company and half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the company for a period of 24 months at $0.15 per common share.

Cadan said all securities issued in connection with this financing would be subject to a four-month hold period. Riza T. Olchondra