Candorado Commences 2009 Drilling Program on Deer Lake Property, Amends Property Agreement, Announces Private Placements
CandoradoOperating Company Ltd. anticipates its 2009 drill program on its DeerLake property, located in south-central British Columbia, to commenceshortly. The Deer Lake property is a vital part of the company’ Quesnel trough property package.
Murphy Lake property agreement amendment
The company, Ron McMillan and Ross Blusson have agreed to amend theterms of the mineral property option agreement dated Feb. 11, 2004,wherein Candorado was granted an option to acquire a 100-per-centinterest in two contiguous mineral claims comprising of 24 mineralclaim units, located in the Cariboo mining division,collectively referred to as the Murphy Lake (Muir) property, forconsideration of one million shares of Candorado subject to TSX VentureExchange approval, saving the company from total costs of $625,000. Theamended agreement still retains the 2-per-cent net smelter returnroyalty payable to Mr. McMillan and Mr. Blusson.
Non-flow-through private placement
The company has arranged a non-brokered private placement for up toone million units at a price of four cents per unit for total proceedsof up to $40,000. Each unit will consist of one common share plus onewarrant entitling the investor to purchase one common share for aperiod of 24 months at a price of 10 cents per share.
The proceeds of this private placement will be used to finance thecompany’s continuing exploration commitments on its British Columbiaproperties and working capital.
Flow-through private placement
The company has arranged a non-brokered private placement of fourmillion flow-through units at a price of five cents per flow-throughunit for total proceeds of $200,000. Each flow-through unit willconsist of one flow-through common share plus one share purchasewarrant entitling the investor to purchase one non-flow-through commonshare for a period of 24 months at a price of 10 cents per share.
The proceeds of this private placement will be used to finance thecompany’s continuing exploration commitments on its B.C. properties.
Source:
www.cariboogolddistrict.com