Camino Minerals Corporation (TSX-V:COR) is pleased to announce that it has completed a non-brokered private placement for gross proceeds of $2,100,000 which will be used to fund an initial Reverse Circulation drill program at its Los Chapitos project located in southern Peru, and for general working capital.
The non-brokered private placement consisted of 10,500,000 units at a price of $0.20 per unit, each unit being comprised of one common share and one non-transferable share purchase warrant. The common shares, warrants and any shares issued on the exercise of warrants are subject to a four month hold period expiring June 15, 2017. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.25 per common share until February 14, 2019. The warrants are subject to an acceleration right in favor of the Company: should the closing price of the common shares of the Company on the TSX Venture Exchange be $0.35 or higher for ten consecutive trading days, the Company will be entitled to accelerate the expiry of the warrants to the date that is 30 business days from the date of the issuance of a news release by the Company announcing the exercise of the acceleration right.
The Company paid $94,700 in cash and issued 473,500 warrants to finders in respect of the placement. Each Finder’s Warrant is subject to a hold period expiring on June 15, 2017 and will be exercisable into one common share of the Company at a price of $0.25 per share until February 14, 2019. The Finder’s Warrants will be subject to the same acceleration clause as the private placement warrants.
The Phase 1 RC drill program will focus on the Adriana and Katty zones, located on the eastern side of the property. The Adriana Zone is exposed over an area measuring 75 meters by 150 meters. Chip sampling over the middle of the zone returned an average grade of 1.28% copper across 68 meters. Magnetic and IP-DAS geophysical surveys indicate that the zone is potentially larger than exposed and the surficial oxide mineralization will transition too sulphides about 250 meters below surface. The Katty Zone lies along trend about 1 kilometer to the southeast, measures 50 meters by 125 meters and returned average values of up to 3.23% copper across 10 meters. Interpretation of the magnetic survey data shows a structural connection between the Adriana and Katty zones. The initial phase of drilling will test below the exposed surface oxide mineralization and continue to depth into the geophysical anomalies. A summary presentation of the results from the geophysical surveys, and updated surface sampling, can be found on the company website at www.caminominerals.com.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high grade copper and precious metal projects.
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