Amerigo Acquires Position in CandenteHere is part of the news release:
Candente Resource Corp. (TSX:DNT)(BVL:DNT)(WKN:GW4) ("Candente") is pleased to announce that it has closed the previously reported brokered private placement for total gross proceeds of Cdn$17,120,831. Amerigo Resources Ltd. (TSX:ARG) ("Amerigo") subscribed for a significant portion of the private placement which, when combined with common shares of Candente already held, results in Amerigo holding approximately 9.6% of the outstanding common shares of Candente on an undiluted basis. The private placement was placed by a syndicate led by Westwind Partners Inc. and including Raymond James Ltd. in respect to investors outside of South America and by Credibolsa S.A.B. S.A. in respect of investors in South America (the "Agents").
Joanne Freeze, President and CEO of Candente, comments that "the company is extremely pleased to have Amerigo as a strategic investor. Steven Dean, Chairman, and Dr. Klaus Zeitler, President of Amerigo, both have extensive track records in successful mine financing, development and management."
Amerigo produces copper and molybdenum concentrates from tailings from the world's largest underground copper mine, Codelco's El Teniente mine, a copper producer for the past 100 years with remaining ore reserves lasting many more decades. In 2006, total earnings reached US$39.3 million, up 119% from 2005, and earnings per share were US42 cents. Annualized production is projected to increase to approximately 60 million pounds of copper and 1 million pounds of molybdenum by the end of 2007.
The full news release can be found here: https://new.marketwire.com/2.0/release.do?id=740236
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