Candente Copper Corp. (TSX:DNT) (PINKSHEETS:CCOXF) (LMA:DNT) is pleased to announce that it has completed its previously announced non-brokered private placement for total gross proceeds of $1,369,727.40.
Candente Copper has issued 9,131,516 units at a price of $0.15 each. Each Unit is comprised of one common share of the Company and one half of a share purchase warrant, with each whole warrant exercisable to purchase one additional common share of the Company at a price of $0.25 until May 22, 2016.
Joanne C. Freeze, CEO of Candente Copper, Sean Waller, President of Candente Copper, have subscribed for 333,333 and 210,000 Units, respectively.
Finders were paid finder’s fees comprised of $60,478.20 in cash and were issued 403,188 share purchase warrants (having the same terms as the Warrants) in connection with the Private Placement.
Net proceeds from the Private Placement will be used for ongoing Environmental and Social Impact Assessment activities and for general corporate purposes.
About Candente Copper
Candente Copper is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties. The company is currently focused on its 100% owned Canariaco project, which includes the Feasibility stage Canariaco Norte deposit as well as the Canariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
At Canariaco Norte 7.5 billion pounds of copper have been delineated in a Measured and Indicated(i) resource of 752.4 million tonnes grading 0.49% copper equivalent(ii). An Inferred Resource of 157.7 million tonnes at 0.44% copper equivalent has also been delineated in the Canariaco Norte deposit.
A highly successful Phase I drilling program was carried out in 2013 on the Canariaco Sur deposit. Future drilling is planned for additional step-out drilling at Canariaco Sur as well as first phase drilling on the Quebrada Verde target. Drilling permits are in place for much of the drilling proposed for Canariaco Sur and Candente Copper has applied to MINEM for a modification to its current drilling permit so that additional drilling could be conducted on potential extension areas to Canariaco Sur and on the Quebrada Verde target.
In addition, Candente Copper holds several other base metal exploration projects in Peru. One of these, the Arikepay copper-gold porphyry, is being explored under a joint venture agreement with Zahena S.A.C. who is funding up to USD$5 million (M) in exploration expenditures and USD$4M in payments within 4 years.
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