Candelaria Mining Provides an Update On $4,200,000 Private Placement Financing
March 08 2019 - 6:30PM
Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the
“
Company”
) is pleased to provide
an update on a private placement previously announced on December
21, 2018. The Company would like to state that the private
placement is still ongoing and management is still discussing with
interested parties.
Pursuant to the news release on December 21,
2018, the Company intends to conduct an offering, on a non-brokered
private placement basis, of up to 10,500,000 units of the Company
(the "Units") at a subscription price of $0.40 per
Unit for aggregate gross proceeds of up to $4,200,000 (the
"Private Placement"). Each Unit will consist of
one common share of the Company (each, a "Common
Share") and one-half of one Common Share purchase warrant
(each whole Common Share purchase warrant, a
"Warrant"). Each Warrant will entitle the holder
to purchase one Common Share at a price of $0.60 for a period of
three (3) years following the closing of the Private Placement.
The Company intends to use the net proceeds of
the Private Placement for expenditure related to construction of
the Pinos project as outlined in the Preliminary Economic
Assessment and described in the press release dated September 13,
2018 and general corporate needs. In conjunction with the
Private Placement, the Company is exploring other financing
alternatives that may include further equity or debt financing to
fully fund the Pinos capital expenditure.
Upon closing of the Private Placement, the
Company may pay a cash finder's fee to one or more arm's length
parties of up to 8% of the aggregate gross proceeds raised under
the Private Placement from subscribers introduced by such
parties.
Closing of the Private Placement is subject to
the acceptances of the TSXV.
About Candelaria Mining
Candelaria Mining is a Canadian-based gold
development and exploration company with a portfolio of highly
prospective projects in Mexico, one of the world’s best mining
jurisdictions. Candelaria’s 100% owned Caballo Blanco Project hosts
an Indicated Resource of 521,000 ounces of gold and 2,170,000
ounces of silver (31,220,000 tonnes grading 0.52 g/t gold and 2.16
g/t silver) and an Inferred Resource of 95,000 ounces of gold and
590,000 of ounces of silver (8,630,000 tonnes grading 0.34 g/t gold
and 2.14 g/t silver). Potential exists to increase these estimated
resources through continued drilling and exploration. Candelaria
also holds the Pinos Gold Project which hosts a Measured Resource
of 4,444 ounces of gold and 228,892 ounces of silver (85,847 tonnes
grading 1.6 g/t gold and 82.9 g/t silver) and an Indicated Resource
of 20,586 ounces of gold and 267,745 of ounces of silver (175,697
tonnes grading 3.6 g/t gold and 47.4 g/t silver). For more
information on resource estimates, please see the technical reports
prepared pursuant to NI 43-101 which are available on the Company’s
website at www.candelariamining.com.
ON BEHALF OF THE BOARD,
Curtis TurnerChief Executive Officer
For further information, please contact:
Investor RelationsEmail:
info@candelariamining.comPhone: 604-349-5992
This press release shall not constitute an offer
to sell or solicitation of an offer to buy the securities in any
jurisdiction. The securities will not be and have not been
registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
Cautionary Note Regarding
Forward-looking Statements: This press release contains
certain “forward-looking statements” and “forward-looking
information” under applicable Canadian securities laws concerning
the business, operations and financial performance and condition of
Candelaria Mining Corp. (“Candelaria” or “Candelaria Mining”).
Forward-looking statements and forward-looking information include,
but are not limited to, statements with respect to estimation of
mineral resources at mineral projects of Candelaria;
Forward-looking statements are based on the opinions and estimates
as at the date the statements are made, and are based on a number
of assumptions and subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. Many of these assumptions are based on factors and
events that are not within the control of Candelaria and there is
no assurance they will prove to be correct. Factors that could
cause actual results to vary materially from results anticipated by
such forward-looking statements include variations in metal grades,
changes in market conditions, variations in recovery rates, risks
relating to international operations, fluctuating metal prices and
currency exchange rates, changes in project parameters, the
possibility of project cost overruns or unanticipated costs and
expenses, labor disputes and other risks of the mining industry,
failure of plant, equipment or processes to operate as
anticipated.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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