- Camino Minerals Corporation (COR) is raising C$5 million to fund copper discovery drilling in Peru
- The company is arranging a non-brokered private placement for gross proceeds of up to $5,000,000
- The company anticipates the financing to be largely subscribed by institutional investors
- Financing will consist of 29,411,764 million units at a price of $0.17 per unit
- Camino Minerals Corporation is down 2.86 per cent, trading at $0.17 at 12:03 pm ET
Camino Minerals Corporation (COR) is raising C$5 million to fund copper discovery drilling in Peru.
The company is arranging a non-brokered private placement for gross proceeds of up to $5,000,000. The money will be used to advance exploration at its three copper projects in Peru: the Los Chapitos copper discovery, the Plata Dorada high-grade copper and silver project and the Maria Cecilia porphyry complex (subject to the closing of Camino's acquisition of Minera Maria Cecilia).
Camino expects that its announced transaction to purchase the Maria Cecilia porphyry complex from a Denham Capital affiliate and the concurrent $500,000 private placement by Camino to that affiliate, will be adjusted to reflect the terms of the Financing.
The financing is anticipated to be largely subscribed by institutional investors. The financing will consist of 29,411,764 million units at a price of $0.17 per unit.
Each unit will consist of one common share in the capital of the company and half a non-transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share of the company at a price of $0.25 per common share for a period of 18 months from the date of issue.
"The planned 2021 drilling campaigns for our Los Chapitos IOCG and Maria Cecilia Porphyry copper projects are designed to make new discoveries. We plan to drill the porphyry center of a major porphyry district at Maria Cecilia. We also plan to drill the north and south extensions of our 8 kilometre copper mineralized Diva Trend at Los Chapitos. Permits are in place to start drilling at the Los Chapitos south extension. We expect permits to drill Maria Cecilia and additional permits to drill at Los Chapitos around July," said Camino Minerals President and CEO Jay Chmelauskas.
Camino is a discovery and development stage copper exploration company. The company is focused on advancing its high-grade Los Chapitos copper project located in Peru towards potential resource delineation and new discoveries.
Camino Minerals Corporation is down 2.86 per cent, trading at $0.17 at 12:03 pm ET.