DNT SECURES $1.1M TO ADVANCE CANARIACOCandente Copper secures $1.1 Million with Fortescue and Lind Global Fund.
Candente Copper arranges $1.1-million private placement
2021-08-23 13:52 ET - News Release
PRIVATE PLACEMENT WITH FORTESCUE AND LIND PARTNERS
Candente Copper Corp. has arranged a non-brokered private placement with two subscribers to raise gross proceeds of approximately $1.1-million.
The Financing is to be subscribed for equally by Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Metals Group Ltd., and Lind Global Fund II LP, an institutional investment fund managed by The Lind Partners LLC.
The Private Placement comprises the sale of 8.8 million common shares of the Company (the "Shares") at a price of 12.5 cents per share to raise gross proceeds of Cdn $1,100,000. The Shares will be subject to a statutory 4 month and one day hold period commencing the day of closing of the Private Placement. The proceeds of the Private Placement are to be used to advance the Canariaco Project as well as for general corporate and working capital purposes.
"We are very pleased to have both Fortescue and Lind supporting Candente Copper and the Canariaco project to unlock value for shareholders. Upon completion of the Private Placement, we will be well financed to complete an updated preliminary economic assessment ("PEA") which will better define opportunities with potential to lower initial capital expenditures, operational costs and enhance our environmental, social and governance practices as recently identified by Ausenco in their Desk Top Study. The Financing will also allow us to advance our permitting for drilling and our community work," commented Joanne Freeze, CEO.
The Private Placement is subject to Candente Copper's completion of its final filings with the Toronto Stock Exchange and is expected to close later this week.