- Camino (TSXV:COR) has arranged a non-brokered private placement to raise up to C$3 million for exploration at its Los Chapitos copper discovery
- The company intends to issue 30 million units at a price of 10 cents each, consisting of one common share and half of one common share purchase warrant
- Each whole warrant will entitle the holder to acquire an additional common share at price of 15 cents, exercisable over a period of two years
- The proceeds will also be used to make a final property option payment of roughly $203,000
- Camino (COR) is currently steady and is trading at nine cents per share
Camino (TSXV:COR) has arranged a non-brokered private placement to raise up to C$3 million for exploration at its Los Chapitos copper discovery.
Under the terms of the placement, the company intends to issue a total of 30 million units at a price of 10 cents each. These units will be comprised of one common share and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of 15 cents, exercisable over a period of two years from the date of issuance.
The proceeds raised under the placement will be primarily used to fund a program of exploration and development at Camino’s Los Chapitos copper discovery in Peru.
This initial program has been designed to expand a zone of copper mineralisation that was originally identified during previous drill programs in 2017 and 2018.
In addition, Camino will use the funds to make a final property option payment of approximately $203,000 in order to secure a 100 per cent interest in the Los Chapitos property.
This payment will be made through a promissory note with an interest rate of one per cent per month, and is due by July 1, 2020.
Any remaining funds from the placement will be used for general working capital purposes.
Jay Chmelauskas, CEO of Camino, said the financing is necessary to revive the company’s drill program at Los Chapitos.
“We have submitted all information required by the General Mining Direction to commence activities, and started filing our COVID-19 surveillance, prevention and control plan with authorities.
“We expect to restart activities at Los Chapitos to prepare the area for the drilling program in July, mobilise a rig to the site in August, and to start drilling in September,” he added.
Camino (COR) is currently steady and is trading at nine cents per share at 10:21am EDT.
