Change of OpinionCandente management may have negotiated a good deal. They do own a significant amount of shares in the company. The 2022 Notice of Meeting and Info circular states Joanne Freeze owns 7.2 M shs, Sean Waller 3.4 M, Giulio Bonifacio 4 M. Others own minor amounts. In addition as of May 20 2022 there are shares to be issued upon the exercise of outstanding options and rights at an average price of 8 cents a share. Last fall thet issued themselves more rights. Their interests may be alligned with other shareholders of the company.
Candente was in a rough spot. It had to borrow money for its day to day existence and was not quite ready for a takeover. A;though there was a considerable resource there was some long neglected ground that needed drill testing. It had not been drilled because all the company's hard to raise money was spent on the main resource. Last fall was spent exploring financing options.
A deal was arrived at with Fortesque that would give Candente the money for drilling. It was a trade-off. DNT could hit a jackpot that would probably attract major copper mining companies. In compensation Fortesque"s interest wpould increase about 7% to 25% presenting a larger hurdle to companies wanting to acquire Candente.
IF something is found on the neglected ground it become a new ball game. An experienced miner may recognize the long term potential of the project and make a bid closer to what other projects are selling for (7 cents/lb). Bids will be put in hoping Fortesque, a non-experienced copper miner will back away. If nothing is found Candente will still have one of the largest undeveloped copper deposits in the world.