Candente Copper Corp. Announces Closing of Non-Brokered Private Placement
22 January 2020 - 4:32AM
Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper” or the
“Company”) is pleased to announce it has closed a non-brokered
private placement (the “
Private Placement”) to
raise gross proceeds of approximately Cdn $1,050,000. The
gross proceeds of the Private Placement are to be used for general
corporate and working capital purposes.
The Private Placement comprises the sale of
21,000,000 common shares (the “Shares”) at a price
of $0.05 to raise gross proceeds of Cdn $1,050,000. The
Shares will be subject to a statutory 4 month and one day hold
period commencing the day of closing of the Private Placement.
The Subscriber is considered a strategic
investor to the Company, and as part of its purchase of the Shares,
it was granted a right (but not the obligation) to appoint one
person as a director of Candente Copper, provided that the
Subscriber beneficially owns or has the right to acquire not less
than 5.0% of the issued and outstanding Common Shares of Candente
Copper (on a diluted basis).
The Subscriber has also been granted certain
pre-emptive rights as follow:
(a) |
the right (but not the obligation) to participate, on a pro rata
basis, in any future equity financing of equity securities
undertaken by Candente Copper to the extent required to allow the
Subscriber to maintain the same equity ownership interest (on a
diluted basis) in Candente Copper that it possessed immediately
prior to closing of the equity financing such that the Subscriber
does not suffer any equity dilution; |
|
|
(b) |
provided that the Subscriber beneficially owns or has the right to
acquire not less than 5.0% of the issued and outstanding Common
Shares of Candente Copper (on a diluted basis), if within two (2)
years from the Closing Date, Candente Copper receives a bona fide
offer (a “Non-Equity Financing Offer”) from a
third party to provide Candente Copper with any non-equity
financing proposal including, but not limited to, debt financing or
a royalty or stream for the purpose of funding the future
exploration or development of any of Candente Copper’s assets (but
for greater certainty does not include an earn-in joint venture
proposal) and Candente Copper wishes to accept such Non-Equity
Financing Offer, then the Subscriber shall have the option (the
“Non-Equity Financing Option”) to provide such
Non-Equity Financing. |
The Private Placement is subject to Candente
Copper’s completion of its final filings with the Toronto Stock
Exchange.
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___________________________________For further information
please contact:
“Joanne C. Freeze” P.Geo.President, CEO and
DirectorTel +1
604-689-1957info@candentecopper.comwww.candentecopper.com
NR-115
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