Cadman Resources Inc. announced a private placement for gross proceeds of up to CAD 254,500 on December 21, 2012. The company will issue up to 2,500,000 flow-through units at CAD 0.06 per unit for gross proceeds of up to CAD 150,000 in a non-brokered component of the private placement and 2,090,000 units at CAD 0.05 per unit for gross proceeds of CAD 104,500 in the hard dollar component of the private placement. Each flow-through unit consists of one flow-through common share and one common share purchase warrant. Each whole warrant is exercisable into one share of the company at CAD 0.09 per share for a period of 24 months. Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable into one share of the company at CAD 0.07 per share for a period of 24 months from the date of issuance.

The company may pay a finder's fee consisting of a cash fee in an amount of up to 8% of the proceeds raised by the finder and a number of finder's warrants entitling the holder to purchase common shares to a maximum number equal to 8% of the number of both flow-through units and units placed through the finder as part of the offering. The transaction may include participation from certain directors and employees of the company.

On January 7, 2013, Cadman Resources Inc. closed the transaction. The company has issued 2,003,333 flow-through units for CAD 120,199 and 2,090,000 hard dollar units for CAD 104,500. The company has received gross proceeds of CAD 224,699. The company paid a finder's fee consisting of cash and 136,266 finder's warrants. Certain directors and employees of the company participated for up to 30% of the offering.