Candente Copper Announces Increase to Private Placement
May 14 2014 - 4:00PM
Marketwired Canada
Candente Copper Corp. (TSX:DNT)(LMA:DNT)(PINKSHEETS:CCOXF) ("Candente Copper"
and/or the "Company" ) is pleased to announce, subject to regulatory approval,
that it has agreed to increase the amount of gross proceeds being raised in the
non-brokered private placement (the "Private Placement") announced May 1, 2014,
to approximately Cdn$1,250,000.
The placement will consist of approximately 8,333,333 units (the "Units") at a
price of $0.15 for gross proceeds of approximately Cdn$1,250,000. Each Unit will
consist of one common share of the Company and one-half of a share purchase
warrant. Each full warrant will be exercisable for one additional common share
of the Company for two years at an exercise price of Cdn$0.25. Shares will be
subject to a mandatory 4 month hold period. The placement is expected to close
on May 22, 2014.
Joanne Freeze, CEO of the Company, and Sean Waller, President are to subscribe
for a portion of the Private Placement which in total will be for less than 25
per cent of Candente Copper's market capitalization. For the above
participation, the Company is relying upon the valuation and minority
shareholder approval requirements under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions for the
Insider's participation in the placement.
The Company may pay finder's fees in connection with the Private Placement.
Funds will be used for ongoing ESIA and Metallurgical studies 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.
Sean Waller, P.Eng., President and Joanne C. Freeze, P.Geo., CEO, are the
Qualified Persons as defined by National Instrument 43-101 for the projects
discussed above. They have reviewed and approved the contents of this release.
(i)The 'Measured and Indicated Resource' listed above consists of Measured
Resources of 338.1Mt at 0.48% Cu, 0.08 g/t Au, and 2.0/t Ag (0.52% Cu Eq.), plus
Indicated Resources of 414.3Mt at 0.43% Cu, 0.06 g/t Au, and 1.8 g/t Ag (o.46%
Cu Eq.). All resources quoted in this release are based on a 0.30% copper
cut-off grade and 229 drill holes completed to March 2008. (ii)Copper equivalent
grade including gold and silver, metal recoveries (copper 90%, gold 55%; silver
50%) and smelter returns (copper 96.5%: gold 93%; silver 90%) applied. Copper
grade equivalent calculation: Cu Eq% =(Cu % + ((Au grade x Au price x Au
recovery x Au smelter return%)+(Ag grade x Ag price x Ag recovery x Ag smelter
return%))/(22.0462 x Cu price x 31.0135 g/t x Cu recovery x Cu smelter return%).
The metal prices used are: copper US$2.50/lb, gold US$1,035/oz and silver
US$17.25/oz.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geoloical interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
stategments. Candente Copper relies upon litigation protection for
forward-looking statements.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms that are not
recognized by the United States Securities and Exchange Commission ("SEC"),
including "mineral resources", "measured resources", "indicated resources" and
"inferred resources". The estimation of measured and indicated resources
involves greater uncertainty as to their existence and economic feasibility than
the estimation of proven and probable reserves. U.S. investors are cautioned not
to assume that mineral resources in these categories will be converted to
reserves. The estimation of inferred resources involves far greater uncertainty
as to their existence and economic viability than the estimation of other
categories of resources. U.S. investors are cautioned not to assume that
estimates of inferred mineral resources exist, are economically mineable, or
will be upgraded into measured or indicated mineral resources. U.S. investors
are cautioned not to assume that mineral resources in any of these categories
will be converted into reserves.
On behalf of the Board of Candente Copper Corp.
Joanne C. Freeze, P.Geo., CEO, Director
NR-061
FOR FURTHER INFORMATION PLEASE CONTACT:
Candente Copper Corp.
Walter Spagnuolo
Manager, Investor Relations
mobile: +1 (604) 306-8477 or local: +1 (604) 689-1957 ext 3
Candente Copper Corp.
Nataly Reategui
Investor Relations, Peru
(511) 715-2001 ext 107
nreategui@candente.com
Candente Copper Corp.
info@candentecopper.com
www.candentecopper.com
Candente Copper (TSX:DNT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Candente Copper (TSX:DNT)
Historical Stock Chart
From Aug 2023 to Aug 2024