Strategic Investment by Fortescue and Lind Partners Closed
August 25 2021 - 8:00AM
Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper” or the
“Company”) is pleased to announce that the Company has completed
the non-brokered private placement (the “Private Placement” or
“Financing”) and raised gross proceeds of approximately Cdn
$1,100,000 with two subscribers.
The Financing was subscribed for equally by
Nascent Exploration Pty Ltd., a wholly owned subsidiary of
Fortescue Metals Group Ltd. (collectively “Fortescue”) and Lind
Global Fund II, LP, an institutional investment fund managed by The
Lind Partners, LLC (collectively "Lind").
A total of 8,800,000 common shares of the
Company (the “Shares”) were sold at a price of Cdn$0.125 to raise
gross proceeds of Cdn $1,100,000. The Shares are subject to a
statutory 4 month and one day hold period. The proceeds of the
Private Placement are to be used to advance the Cañariaco Project
as well as for general corporate and working capital purposes.
“Funding from the private placement will
continue to unlock value for shareholders as we are now well
financed to complete an updated Preliminary Economic Assessment
(“PEA”) which will better define opportunities with potential to
lower initial capital expenditures, operational costs and enhance
our environmental, social and governance practices as recently
identified by Ausenco. The funds will also allow us to further
advance our permitting for drilling and our community work,”
commented Joanne Freeze, CEO.
About The Lind PartnersThe Lind Partners is an
institutional fund manager and leading provider of growth capital
to small and mid-cap companies publicly traded in the
US, Canada, Australia and the UK. Lind makes direct
investments ranging from US$1 to US$30 million,
invests in syndicated equity offerings and selectively buys on
market. Lind has completed more than 100 direct investments
totaling over US$1 Billion in value and has been a
flexible and supportive capital partner to investee companies since
2011. For more information, visit
http://www.thelindpartners.com.
About Fortescue Metals Group A proud West
Australian company, Fortescue is a global leader in the iron ore
industry, recognised for its culture, innovation and
industry-leading development of world class infrastructure and
mining assets in the Pilbara, Western Australia. Since Fortescue
was established in 2003, Fortescue has discovered and developed
major iron ore deposits, constructed some of the most globally
significant mines and has grown to be one of the world’s largest
producers of iron ore. Delivering consistent operational
excellence, Fortescue’s integrated mining, rail, shipping and
marketing teams work together to export 180-185 million tonnes of
iron ore annually (FY22 guidance) and the Company’s commitment to
technology and innovation ensures it remains one of the world’s
lowest cost iron ore producers. Fortescue has an active global
exploration program and through its wholly-owned subsidiary
Fortescue Future Industries, is leading the global energy
transition by developing a portfolio of large scale renewable
energy and green hydrogen / ammonia projects. Fortescue
has increased its interest in the Company from 18.9% to 19.9% with
this Private Placement.
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 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.
Joanne C. Freeze, P.Geo., CEO, is the Qualified
Person as defined by National Instrument 43-101 for the projects
discussed above. She has reviewed and approved the contents of this
release.
This news release may contain forward-looking
information (as such term is defined under Canadian securities
laws) including but not limited to the expected impact of the
Financing, the expected timing of closing of the Financing, the
potential for discovery on the Cañariaco Property and other
statements that are not historical facts including comments
regarding the timing and content of upcoming work programs,
geological interpretations, potential mineral recovery processes,
the completion of a favourable PEA and the expected results thereof
and the acquisition of various permits. While such forward-looking
information is expressed by Candente Copper in good faith and
believed by Candente Copper to have a reasonable basis, they
address future events and conditions and are therefore subject to
inherent risks and uncertainties including those set out in
Candente Copper’s MD&A. Actual results may differ
materially from those currently anticipated in such statements.
Candente relies upon litigation protection for forward-looking
statements. Factors that cause the actual results to
differ materially from those in forward-looking information
include, without limitation, metal prices, results of exploration
and development activities, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government
approvals, potential environmental issues, availability of capital
and financing and general economic, market or business
conditions. Candente Copper expressly disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except in accordance with applicable securities
laws.
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-136
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