Noront Resources Ltd. V.NOT

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[fairchild2]

CNF is the syymbol Cadan Resources closes $4.95-million equity financing 2007-10-31 09:45 ET - News Release Mr. Brett Taylor reports CADAN CLOSES $4,950,000 NON-BROKERED PRIVATE PLACEMENT Cadan Resources Corp. has closed the non-brokered private placement announced in Stockwatch on Sept. 27, 2007. The company sold 33 million units at a price of 15 cents per unit for gross proceeds of $4.95-million. Each unit consisted of one common share and one non-transferable share purchase warrant. Each warrant is exercisable for an additional common share of the company for a period of 24 months from closing at a price of 20 cents per share during the first 12 months after closing and 30 cents in the next 12 months. The company paid a finders' fee of 5 per cent of the gross proceeds in connection with the sale of a total of 29,183,333 units. In addition, the company issued 2,918,333 non-transferable finders' warrants entitling the holder to purchase that number of shares at a price of 15 cents per share for a period of one year after closing. All securities issued in connection with the financing are subject to a hold period expiring on March 1, 2007. The gross proceeds from the private placement will be used for continuing exploration, including drilling, on the company's Tagpura, Kalamatan and Cadan copper gold porphyry properties, its T'Boli gold silver deposit, in the Philippines, its Colombian operation and to provide the company with additional working capital.