Joanne C. Freeze, CEO; Sean Waller, President, Faisel Hussein, EVP and Acting CFO, Paul H. Barry, Director and John Black, Director, collectively subscribed for a total of 2,060,877 shares.*
The Company issued a total of 8,333,330 units ("the Units") at a price of $0.09 per Unit related to the private placement. Each Unit is comprised of one common share of the Company and one-half of a share purchase warrant ("Warrant") with each whole Warrant entitling the holder to purchase an additional common share of the Company at a price of $0.15 per share for a period of two years. All common shares issued pursuant to the Private Placement are subject to a four month hold period.
Cash finder's fees totalling $24,746.40 were paid with respect to the Private Placement along with the issuance of 274,960 share purchase warrants (the "Finders' Warrants"), with each Finders' Warrant entitling the holder to purchase an additional common share of the Company at a price of $0.15. A total of 214,760 Finders' Warrants may be exercised until March 20, 2017, and an additional 60,200 Finders' Warrants may be exercised until April 4, 2017.
Private placement net proceeds will be used for general corporate purposes, to extinguish certain accounts payable totaling $150,000 and for community initiatives on the Cañariaco Project in Northern Peru.
*The Company has relied upon exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 to issue the Units to the aforesaid insiders, as the aggregate fair market value of the Units subscribed for by the insiders is less than 25% of the Company's market capitalization.
About Candente Copper
Candente Copper is a mineral exploration company engaged in acquisition, exploration and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
On behalf of the Board of Candente Copper Corp.
"Joanne C. Freeze" P.Geo.
For further information please contact:
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Investor Relations, Peru
tel.: (511) 715-2001 ext 107