Cadan Announces Mining Group Limited Signs Formal Agreements for 80% Interest in Comval Project
CADAN RESOURCES CORPORATION (CXD.V) said further to the company's announcement of November 7, 2011, it has signed a formal share purchase agreement and facilitation agreement with Mining Group Limited whereby Mining Group may acquire an 80% interest in the Comval copper-gold project located in the Compostella Valley, Philippines. Cadan will retain a 20% equity interest in the project, which is free carried until the Mining Group has incurred a minimum of AUD$48 million of expenditures on the Comval Project.
The Formal Agreements provide Cadan with the right to acquire up to a 17% equity position in the Mining Group on a fully diluted basis, and the right to nominate two directors to MGL's board for so long as it holds at least 10% of the issued shares in MGL, below which it shall be entitled to nominate one director to MGL's board.
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