Candente Copper Corp. (TSX:DNT) (LMA:DNT) is pleased to report completion of its previously announced and oversubscribed non-brokered private placement raising $1,073,380.
In closing, the Company has issued 11,926,440 units at a price of $0.09 per Unit. Each Unit comprises one common share of the Company and one-half of a share purchase warrant, with each whole share purchase warrant being exercisable for 2 years to purchase an additional common share at a price of $0.15 per share, subject to an acceleration provision. If at any time after November 30th, 2016, the Company’s common shares have a closing price on the TSX Exchange at or above a price of $0.30 per share for a period of 10 consecutive trading days, the Company may give notice by News Release that expiration of the warrants will be accelerated to 40 days from the date of providing such notice. All shares will be subject to a four month hold period.
Joanne C. Freeze, CEO and Director; Paul H. Barry, Director; and John Black, Director; collectively subscribed for a total of 1,111,111 Units.
The Company has relied upon exemptions from the valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
Finder’s fees totalling $38,615 were paid with respect to the Private Placement.
Approximately $400,000 of the Private Placement gross proceeds are to be used to further define drill targets on the Cañariaco Sur Cu-Au deposit and Quebrada Verde Cu-Au target and approximately $600,000 will be used for working capital and general corporate purposes.
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