- Candente Copper (DNT) has received a second financing offer to advance its Cañariaco Copper Project
- The offer is for up to $10 million to advance the open pit project, which is located in northeastern Peru
- The offer is for a similar amount to the Lind financing offer announced in March
- The company cannot identify the party that made the offer or specific terms due to confidentiality
- The board of directors of the company has formed a special committee to review both and potentially other financing offers
- Candente Copper is down 2.5 percent, trading at $0.20 at 11:13 a.m. ET
Candente Copper (DNT) has received a second financing offer to advance its Cañariaco Copper Project.
The offer is for up to $10 million to advance the open pit project, which is located in northeastern Peru.
The offer is for a similar amount to the Lind financing offer announced in March.
The Vancouver-based mineral exploration company is subject to confidentiality obligations with respect to the specific terms of the financing offer and the identity of the party that made the offer.
The company can disclose that “the offer came from another well-financed, reputable entity.”
The board of directors of the company has formed a special committee to review both and potentially other financing offers, and the company will advise once decisions have been made.
Additionally, the company’s major shareholder, Fortescue Metals Group, has the right to maintain their position of 19.9 percent in the company in any equity financing and therefor will be given the opportunity to participate on the same terms offered by any other group.
The company’s flagship project is Cañariaco, within which Cañariaco Norte, is the 10th largest late-stage copper resource in the world and sixth-highest in grade.
Candente Copper is down 2.5 percent, trading at $0.20 at 11:13 a.m. ET.
