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Vancouver, British Columbia, August 23rd, 2021: Candente Copper Corp. (TSX:DNT, BVL:DNT) ("Candente Copper” or the “Company”) is pleased to announce that the Company has arranged to carry out a non-brokered private placement (the “Private Placement” or “Financing”) to raise gross proceeds of approximately Cdn $1,100,000 with two subscribers.
The Financing is to be subscribed for equally by Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Metals Group Ltd. (collectively “Fortescue”) and Lind Global Fund II, LP, an institutional investment fund managed by The Lind Partners, LLC (collectively "Lind").
The Private Placement comprises the sale of 8,800,000 common shares of the Company (the “Shares”) at a price of Cdn$0.125 to raise gross proceeds of Cdn $1,100,000. The Shares will be subject to a statutory 4 month and one day hold period commencing the day of closing of the Private Placement. The proceeds of the Private Placement are to be used to advance the Cañariaco Project as well as for general corporate and working capital purposes.
“We are very pleased to have both Fortescue and Lind supporting Candente Copper and the Cañariaco project to unlock value for shareholders. Upon completion of the Private Placement, we will be well financed to complete an updated Preliminary Economic Assessment (“PEA”) which will better define opportunities with potential to lower initial capital expenditures, operational costs and enhance our environmental, social and governance practices as recently identified by Ausenco in their Desk Top Study. The Financing will also allow us to advance our permitting for drilling and our community work”, commented Joanne Freeze, CEO.
About The Lind Partners
The Lind Partners is an institutional fund manager and leading provider of growth capital to small and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind makes direct investments ranging from US$1 to US$30 million, invests in syndicated equity offerings and selectively buys on market. Lind has completed more than 100 direct investments totaling over US$1 Billion in value and has been a flexible and supportive capital partner to investee companies since 2011. For more information, visit http://www.thelindpartners.com.
About Fortescue Metals Group
A proud West Australian company, Fortescue is a global leader in the iron ore industry, recognised for its culture, innovation and industry-leading development of world class infrastructure and mining assets in the Pilbara, Western Australia. Since Fortescue was established in 2003, Fortescue has discovered and developed major iron ore deposits, constructed some of the most globally significant mines and has grown to be one of the world’s largest producers of iron ore. Delivering consistent operational excellence, Fortescue’s integrated mining, rail, shipping and marketing teams work together to export 180-185 million tonnes of iron ore annually (FY22 guidance) and the Company’s commitment to technology and innovation ensures it remains one of the world’s lowest cost iron ore producers. Fortescue has an active global exploration program and through its wholly-owned subsidiary Fortescue Future Industries, is leading the global energy transition by developing a portfolio of large scale renewable energy and green hydrogen / ammonia projects. Fortescue will increase its interest in the Company from 18.9% to 19.9% on completion of this Private Placement.
The Private Placement is subject to Candente Copper’s completion of its final filings with the Toronto Stock Exchange and is expected to close later this week.
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 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.
Joanne C. Freeze, P.Geo., CEO, is the Qualified Person as defined by National Instrument 43-101 for the projects discussed above. She has reviewed and approved the contents of this release.
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to the expected impact of the Financing, the expected timing of closing of the Financing, the potential for discovery on the Cañariaco Property and other statements that are not historical facts including comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, the completion of a favourable PEA and the expected results thereof and the acquisition of various permits. While such forward-looking information is expressed by Candente Copper in good faith and believed by Candente Copper to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Candente Copper’s MD&A. Actual results may differ materially from those currently anticipated in such statements. Candente relies upon litigation protection for forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, metal prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Candente Copper expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Candente Copper Corp.
“Joanne C. Freeze” P.Geo.
President, CEO and Director
For further information please contact:
“Joanne C. Freeze” P.Geo.
President, CEO and Director
Tel +1 604-689-1957