- Candente Copper raises CAD$1,050,000 after closing a non-brokered private placement
- Placement comprises the sale of 21 million common shares at CAD$0.05 per share
- Funds to be used for corporate and working capital purposes
Candente Copper Corporation has raised gross proceeds of CAD$1,050,000 after it concluded a non-brokered private placement with shareholders.
It comprised the sale of 21 million common shares at CAD$0.05, as is subject to a statutory four month and one day holding period, to commence on the day the private placement closes.
The proceeds are to be used for general corporate and working capital purposes.
Considered strategic investors by Candente Copper, subscribers to the placement were granted a right, but not an obligation, to appoint a person to a company directorship provided they beneficially own or has the right to acquire no less than 5% of the issued and outstanding common shares.
They also have the right to participate in any future equity financing of equity securities undertaken by the company, on a pro rata basis, and to the extent which allows subscribers to maintain the same equity ownership interest they immediately possessed prior to closing of equity financing and such that subscribers do not suffer any equity dilution.
Subscribers also have the option to provide non-equity financing should Candente Copper receive and accept a bona fide offer from a third party to provide any non-equity proposal to fund future exploration or developing the company’s assets, within two years of the closing date.
The placement is subject to Candente Copper’s completion of its final filings with the Toronto Stock Exchange.
Candente Copper shares are up CAD$0.005 (14.286%) and trade at CAD$0.04. It has a market cap of CAD$8.64 million.