- Candente Copper (DNT) closes a private placement with Fortescue Metals
- The private placement was approved by over 92 per cent of the company’s shareholders
- Private Placement proceeds of $3,000,000 will be used further to develop the company’s advanced-stage Cañariaco copper project
- The remainder of the money will be used to repay the principal amount of the loan advanced by Fortescue to the company
- Fortescue also waived the payment of any interest accruing on the Fortescue Loan
- Candente Copper (DNT) dropped 3.23 per cent, trading at C$0.15 at close
Candente Copper (DNT) closes the previously announced private placement with Nascent Exploration Fortescue Metals Group, raising $4,000,000.
Giulio T. Bonifacio, Executive Chair of Candente Copper, is pleased about the closing. “[This will] now provide working capital to advance further the Cañariaco project, including community engagement and permits to drill several high-priority targets in 2023.”
“The private placement is a further endorsement by Fortescue of the Cañariaco copper project, one of the world’s top 10 undeveloped copper resources,” added Bonifacio.
The move to close the private placement was approved by over 92 per cent of the company shareholders.
Candete Copper issued 22,222,222 common shares to Fortescue at $0.18 per share.
The shares issued in the private placement are subject to a hold period under applicable securities laws ending on June 3, 2023.
Private Placement proceeds of $3,000,000 will be used further to develop the company’s advanced-stage Cañariaco copper project.
The remainder of the money, $1,000,000, will be used to repay the principal amount of the loan advanced by Fortescue to the company.
Fortescue also waived the payment of any interest accruing on the Fortescue Loan.
Candente Copper is focused on developing its 100-per-cent owned Cañariaco advanced staged copper project.
Candente Copper (DNT) dropped 3.23 per cent, trading at C$0.15 at close.