VANCOUVER, British Columbia, March 04, 2019 (GLOBE NEWSWIRE) -- Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper” or the “Company”) is pleased to report that it completed the second tranche of the previously announced (News Release 108) Private Placement raising an additional Cdn$200,000 for a total of $477,500 in two tranches.
In closing the second tranche, on March 1st, 2019, the Company issued 4,000,000 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.
Finder’s fees totalling Cdn$3,000 were paid with respect to a portion of the first tranche of the Private Placement and 168,000 Units (under same terms as the Private Placement) valuing Cdn$8,600 were issued with respect to a portion of the second 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.
In addition, 2,638,771 and 1,837,692 Common Shares were issued to AMEC Foster Wheeler and Energold Drilling Corp., respectively, as consideration for services previously rendered (“Shares for Debt”). These shares were issued on February 25th, 2019 at a value of $0.07 to settle a total debt of Cdn$313,352.41.
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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