Cadan Resources Corp. Corporate Update
2014年5月7日 - 12:47AM
Access Wire
VANCOUVER, BC / ACCESSWIRE / May 6, 2014 /
CADAN RESOURCES CORPORATION ("Cadan" or the "Company")
Cadan's Board of Directors and Management structure has undergone
significant changes over the past twelve months, culminating in the
departure of four (4) directors at Cadan's AGM.
Shareholder action at the AGM
drove the change, resulting in the board reducing to four (4)
Directors in the short-term, including Mr. Peter Cunningham
remaining in the position of President and CEO.
The past twelve months have
been a particularly difficult year for the Company through limited
access to funding and legacy issues impacting production at the
T'Boli operation. This combined with Board and Management
disruptions, have negatively impacted the Company's performance
during these turbulent times.
The Company recognises that in
order to successfully develop its assets and rebuild it needs to be
adequately funded, as well as, appropriately managed and structured
for the scale of the business to actively attract
investments.
Recent additions to the Board
of Directors and management will be the nucleus for rebuilding the
corporate structure and management. Our first step will be to
commence a Strategic Review (the "review") of the entire Company.
This review is expected to take 3 to 4 months with Mr. Cunningham
President & CEO managing and directing the process as well as
committing to provide shareholders with an update on the review by
the end of June 2014.
The Strategic Review will include:
-Reviewing Debt with the aim
of restructuring
-Assess Status of T'Boli
including optimising production, costs and Capital
requirements
-Exploration assets, evaluate
brownfield and greenfield opportunities defining priorities and
strategy going forward including capital requirements
-Review management processes
at both the corporate and operation.
-Determine appropriate board
size and identify list of appropriate candidates who can contribute
to the business
-Investigate all contractual
and financial agreements
-Conduct shareholder
feedback
The objective of the Strategic
Review is to identify any structuring and financing issues within
Cadan and its operations, provide viable working solutions and
develop a positive business plan to move forward. The review will
also identify capital requirements to appropriately fund Cadan for
the next 2 years, along with providing production and earnings
targets.
In the interim the Company
will draw down a further US$500,000 from Mighty River International
under the existing facility agreement to fund dewatering and
maintenance at the T'Boli mine and commence processing its
low-grade stockpiles. This production is expected to provide cash
flow which will be directed to the affairs of the Company's
Philippine business.
For
further information visit our website at www.cadanresources.com;
email us at info@cadanresources.com,
or contact: Peter Cunningham at peter.cadan@gmail.com
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Cadan Resources
Corporation
Cadan Resources Corporation (TSXV:CXD)
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