PERTH,
Australia, March 7, 2023 /CNW/ - Nascent Exploration
Pty Ltd. ("Nascent"), a wholly owned subsidiary of Fortescue
Metals Group Ltd. (Fortescue) has completed a private placement
investment (the "Private Placement") into Candente Copper
Corp. (TSX: DNT) (BVL: DNT) (US: CCOUF) ("Candente") on
February 2, 2023.
Pursuant to the Private Placement, Candente issued to Nascent an
aggregate of 22,222,222 common shares ("Shares") at a price
of $0.18 per Share for a total
purchase price of $4,000,000.
Prior to the completion of the Private Placement, Nascent owned
52,900,000 Shares, representing 19.4% of the outstanding Shares on
a non-diluted basis, and 18.2% on a fully diluted basis. Upon
completion of the Private Placement, Nascent now holds 75,122,222
Shares, representing 25.4% (an increase of 6.0%) of the outstanding
Shares on a non-diluted basis and 23.4% (an increase of 5.2%) on a
fully diluted basis.
Nascent's acquisition was made for investment purposes. In
accordance with applicable Canadian securities laws, Nascent may,
from time to time and at any time, evaluate its investment in
Candente and acquire additional shares and/or other equity, debt or
other securities or instruments (collectively, "Securities")
of Candente in the open market or otherwise, and reserves the right
to dispose of any or all of its Securities in the open market or
otherwise at any time and from time to time, and to engage in
similar transactions with respect to the Securities, the whole
depending on market conditions, the business and prospects of
Candente and other relevant factors.
The head office of Candente is located at Suite 801, 1112 Pender
Street, Vancouver, BC,
Canada V6E 2S1. The head office of
Nascent is located at Level 2, 87 Adelaide Terrace, East Perth, WA, Australia 6004.
A copy of the Early Warning Report filed on Form 62-103F1 in
connection with the Private Placement can be requested from
Cameron Wilson, Corporate Secretary
of Nascent, at cosec@fmgl.com.au.
About Fortescue
Established in 2003, Fortescue is a global leader in the
resources and renewable energy industry, recognised for its
culture, innovation and industry-leading development of
infrastructure and mining assets.
Underpinned by operational excellence and balance sheet
strength, we are committed to our strategic goals of building
thriving communities, optimising returns from our operations
through disciplined capital management, diversifying to commodities
that support decarbonisation and pursuing green energy
opportunities through Fortescue Future Industries (FFI).
SOURCE Nascent Exploration Pty Ltd.