Vancouver, British Columbia. Candente Copper Corp. (TSX:DNT, BVL:DNT, US:CCOXF) (“Candente Copper” and/or the “Company”) is pleased to report that it has completed the first tranche of its previously announced (see the Company’s News Release No. 67 dated March 2nd, 2015) non-brokered private placement (the “Private Placement”) raising $500,000.
Further to News Release No. 68 (dated March 19th, 2015), the private placement is additionally over-subscribed and has therefor been increased to approximately $700,000. A second tranche will be completed once all additional subscriptions are completed.
Joanne C. Freeze, CEO; Sean Waller, President; Paul H. Barry, Director; John Black, Director; and Faisel Hussein, EVP and Acting CFO, collectively subscribed for a total of 1,865,331 shares.
In closing the first tranche the Company has issued 5,555,553 units (the “Units”) at a price of $0.09 per Unit. Each Unit is comprised of one common share of the Company and one-half of a share purchase warrant, with each whole share purchase warrant being exercisable for 2 years to purchase an additional common share at a price of $0.15 per share. All shares will be subject to a four month hold period.
The Company has relied upon exemptions from the valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
Finder’s fees totalling $19,328.40 were paid with respect to a portion of the first tranche of the Private Placement along with the issuance of 214,760 finder’s warrants exercisable for two years to purchase a common share of the Company at a price of $0.15 per share until March 20th, 2017.
Net proceeds of the Private Placement will be used for general corporate purposes and community initiatives on the Cañariaco Project in Northern Peru.
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 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.
For further information please contact:
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Investor Relations, Peru
tel.: (511) 715-2001 ext 107