Units were sold at a price of $1.50 per Unit, each Unit consisting of one common share and one half of one share purchase warrant. Each whole warrant is non-transferable and exercisable until June 26, 2010 to purchase one additional common share of the Company at a price of $2.00 per share.
The securities issued in the Global Offering are subject to a four-month hold period that expires
October 27, 2008.
Net proceeds of the Global Offering will be used for funding exploration and development activities on the Company's mineral properties and for general corporate purposes.
Drilling continues at Cañariaco Norte to test the potential for adding mineral resources. Studies are underway to complete a Preliminary Economic Assessment (Scoping Study) in 3Q 2008. A third drill is being mobilized to Cañariaco Sur to follow up on surface exploration activities completed earlier in 2008 and will test several identified drill targets. Work towards the Cañariaco Norte Feasibility Study is ongoing. The Feasibility Study remains on track for completion in 2Q
About Candente Resource Corp.
Candente is a diversified exploration company with copper, gold, silver, and zinc projects in Peru and Mexico. The Cañariaco Norte property, a copper deposit located in Northern Peru, is currently in advanced resource definition and Preliminary Economic Assessment stage. Candente's directors and management have a track record in the discovery and development of copper, gold and silver deposits and subscribe to principles which ensure that exploration and development activities are beneficial to the local communities.
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. CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms which are not recognized by the United States Securities and Exchange Commission ("SEC"), including "mineral resources", "measured resources", "indicated resources" and "inferred resources". The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that mineral resources in these categories will be converted to reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically mineable, or will be upgraded into measured or indicated mineral resources. U.S. investors are cautioned not to assume that mineral resources in any of these categories will be converted into reserves.
CAUTIONARY NOTE TO U.S. INVESTORS
For further information please contact:
Formentera Capital Group
+1 (604) 731-8244