Mr. Peter Main reports
CADAN ANNOUNCES CORPORATE UPDATE
As a result of its current financial condition, Cadan Resources Corp. was unable to complete the audit of its annual financial statements for the year ended Dec. 31, 2014. Accordingly, the company failed to file audited annual financial statements and related financial filings within the time period prescribed by securities regulation (on or before April 30, 2015). As the filings were not made within the prescribed time period, it is expected that the applicable securities commissions and regulators will issue orders prohibiting all trading in the securities of Cadan Resources Corp. The company is working to secure financing to cover the audit fees and expects, subject to financing, to issue the Dec. 31, 2014, audited annual financial statements and related financial filings by June 15, 2015.
On Feb. 23, 2015, the company disclosed that as a result of a review by the British Columbia Securities Commission, the company would be issuing amended and restated financial statements for the year ended Dec. 31, 2013. On April 30, 2015, the company filed the amended and restated financial statements for the year ended Dec. 31, 2013.
As a result of the changes reflected in the amended and restated financial statements for the year ended Dec. 31, 2013, the company will also be issuing amended and restated interim financial statements for the nine months ended Sept. 30, 2014, and expects to file them by May 15, 2015.
The company will issue news releases should any of the time frames to file the financial statements change.
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