Candente Resource Corp. - DNT:TSX-V (Candente) is pleased to announce it has closed the previously announced private placement of 3,333,333 units at $1.05 per unit to representing gross proceeds of Cdn$3,500,000 through its agent Octagon Capital Corporation ("Octagon") of Toronto, Ontario. Each unit consists of one share and one--half of one share purchase warrant. One whole non-transferable share purchase warrant permits the holder to purchase one common share of Candente at a price of $1.50 per share for a period of eighteen months following closing (expiring June 10th, 2005). The common shares comprised in the units and any common shares issued on exercise of the warrants are subject to a 4-month hold period expiring April 11th, 2004.
In consideration of its services as agent, Octagon has received a cash commission in the amount of 7% of the gross proceeds from the sale of the units and compensation options to purchase up to 333,334 common shares. Each compensation option entitles the holder to purchase one common share of Candente at a price of $1.05 for a period of eighteen months following closing (expiring June 10th, 2005).
The net proceeds of the private placement will be used for funding exploration and development activities on Candente's mineral properties in Peru and Newfoundland, Canada and for general corporate purposes. Combined with funds on hand, Candente's present cash position totals approximately Cdn$5,000,000. Candente is now well funded for several exploration programs planned for 2004.
In Peru, exploration is primarily focused on the Alto Dorado Gold Property in Northern Peru where diamond drilling is planned for the first quarter of 2004.
Candente is an aggressive mineral exploration company focused on the acquisition and exploration of world-class gold and copper projects. Management has a track record of discovering world-class mineral deposits. For more information on our current exploration progress visit www.candente.com and/or call us at (604) 689-1957, toll free 1-877-689-1964 or e-mail to investor@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Candente relies upon litigation protection for forward looking statements.