Candente Copper completes $750,000 private placement https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aDNT-2265982&symbol=DNT®ion=C
Candente Copper completes $750,000 private placement
2015-04-07 08:09 ET - News Release
Ms. Joanne Freeze reports
CANDENTE COPPER RAISES $750,000 IN NON-BROKERED PRIVATE PLACEMENT
Candente Copper Corp. has completed its previously announced non-brokered private placement (see company news releases dated March 2, March 19 and March 23, 2015). The private placement was oversubscribed and the company raised $750,000, including $500,000 in the first tranche and $250,000 in the second tranche.
Joanne C. Freeze, chief executive officer; Sean Waller, president; Faisel Hussein, executive vice-president and acting chief financial officer; Paul H. Barry, director; and John Black, director; collectively subscribed for a total of 2,060,877 shares.
The company issued a total of 8,333,330 units at a price of nine cents per unit related to the private placement. Each unit comprises one common share of the company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share of the company at a price of 15 cents per share for a period of two years. All common shares issued pursuant to the private placement are subject to a four-month hold period.
Cash finders' fees totalling $24,746.40 were paid with respect to the private placement along with the issuance of 274,960 share purchase warrants, with each finder's warrant entitling the holder to purchase an additional common share of the company at a price of 15 cents. A total of 214,760 finders' warrants may be exercised until March 20, 2017, and an additional 60,200 finders' warrants may be exercised until April 4, 2017.
Private placement net proceeds will be used for general corporate purposes, to extinguish certain accounts payable totaling $150,000 and for community initiatives on the Canariaco project in northern Peru.
The company has relied upon exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, to issue the units to the aforesaid insiders, as the aggregate fair market value of the units subscribed for by the insiders is less than 25 per cent of the company's market capitalization.