October 4, 2013 – Toronto, Ontario – Cadman Resources Inc. (CUZ) (“Cadman” or the “Company”) is pleased to announce that it has retained the services of Dr. Christian Derosier P.Geo. to begin exploration work on the newly acquired Buckingham North graphite project Quebec. Dr. Derosier is to complete a site visit in the coming weeks to collect information about the project and review all technical aspects of the project including geology, resources, potential, and previous exploration and development programs. The Buckingham area was the scene of graphite mining activity in the later part of the 19th century and early 20th century. Due to the renewed interest in graphite, exploration has begun again in the area and on adjacent properties. Based on available information and the site inspection Dr. Derosier will prepare an independent technical assessment report.
ABOUT THE BUCKINGHAM NORTH PROPERTY
Cadman has acquired 18 exploration permits totaling 10.89 km2 in the Buckingham township in the Ottawa valley, western Quebec. This general area was the site of several past producing graphite mines including the Diamond Mine, the Walker Mine, directly to the south and the Plumbago mine to the south east. More specifically within Cadman’s claims area are the now abandoned Winning-Elliot and Kendall mines and also just outside of Cadman’s claims are the abandoned Lac Rhéaume and London mines. These mines produced mostly apatite and mica in the late 1800’s. Apatite has been associated with lump/vein graphite in the surrounding area and more notably also in many of the Sri Lankan vein graphite deposits. A review of historical records (non NI 43-101 compliant) and geological mappings indicate a concentration apatite and mica occurrences within claim boundaries.
PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
Further to the Company News Release dated July 29, 2013 the Company will continue with the previously announced non-brokered private placement of up to 3,000,000 flow-through units (the “FT Units”) at a price of $0.08 per FT Unit for aggregate gross proceeds of up to $240,000 (the “Flow Through Offering”). Each FT Unit will be comprised of one flow-through common share (an “FT Share”) and one common share purchase warrant of the Company (an “FT Warrant”). Each whole FT Warrant will entitle the holder to purchase one common share of the Company (a “Common Share”) for a period of 18 months from the closing date at an exercise price of $0.11 per Warrant Share. In addition, the Company will also be offering a hard dollar component of the private placement of up to 3,000,000 units (the “Units”) at a price of $0.05 per Unit for aggregate gross proceeds of up to $150,000 (the “Hard Dollar Offering” and together with the Flow Through Offering the “Offering”). Each Unit will be comprised of one Common Share and one common share purchase warrant of the Company (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share of the Company for a period of 18 months from the closing date at an exercise price of $0.07 per Warrant Share.
The Company may pay a finder’s fee to agents of the Company consisting of: (i) a cash fee in an amount of up to 10% of the proceeds raised by such finder as part of the Offering, and (ii) a number of finder’s warrants entitling the holder thereof to purchase Common Shares (“Finder’s Warrant”) to a maximum number equal to 10% of the number of both FT Units and Units placed through the finder as part of the Offering. For more information visit the website at cadmanresourcesinc.com.
On behalf of the board of Directors
CADMAN RESOURCES INC.
CEO & Chairman
For further information, please contact Boris Ziger, Chief Executive Officer, at:
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
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