Candente Copper Corp. Closes First Tranche of Oversubscribed Financing
VANCOUVER, British Columbia, Jan. 30, 2019 (GLOBE NEWSWIRE) --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper” or the “Company”) is pleased to announce that the non-brokered private placement (the “Private Placement”) launched on January 15th, 2019 (news Release No. 108), has been over-subscribed. As a result, the offering has been increased from Cdn$300,000 to approximately Cdn$350,000.
The Company is also pleased to report that it has completed the first tranche of the Private Placement raising Cdn$277,500. A second tranche will be completed in approximately two weeks. Qualified investors and Shareholders are welcome to participate in the Private Placement until 2pm PST on Friday, February 8th, 2019.
In closing the first tranche the Company has issued 5,550,000 units (the “Units”) at a price of Cdn$0.05 per Unit. Each Unit consists of one common share of the Company (a “Unit Share”) and one-half of a share purchase warrant (each whole warrant, a “Warrant”). Each full Warrant will be exercisable for one additional common share of the Company (a “Warrant Share”) for two years at an exercise price of Cdn$0.09 per Warrant Share, subject to the following accelerated expiry provision: if at any time after June 30, 2019, the Company’s common shares have a closing price on the Toronto Stock Exchange at or above a price of Cdn$0.18 per share for a period of 10 consecutive trading days, the Company may give notice by way of news release that the Warrants will expire 40 days from the date of such notice. The Unit Shares and the Warrant Shares will be subject to a mandatory 4 month hold period commencing the day of closing of the Private Placement.
John Black, Director; Paul H. Barry, Director and Joanne C. Freeze, President, CEO and Director, collectively subscribed for a total of 2,400,000 Units.
Finder’s fees totalling Cdn$3,000.00 were paid with respect to a portion of the first tranche of the Private Placement. Net proceeds of the Private Placement will be used for general corporate purposes and community initiatives near the Cañariaco Project in Northern Peru.
About Candente Copper
Candente Copper is a mineral exploration company engaged in acquisition, exploration, and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
On behalf of the Board of Candente Copper Corp.
“Joanne C. Freeze” P.Geo.
President, CEO and Director
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For further information please contact:
“Joanne C. Freeze” P.Geo.
President, CEO and Director
Tel +1 604-689-1957
info@candentecopper.com
www.candentecopper.com
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