Candente Copper receives second financing offer for up to $10 Million to Advance the Cañariaco Copper Project
April 12 2022 - 10:02AM
Candente Copper Corp. (TSX:DNT, BVL:DNT, US:CCOUF) ("Candente
Copper” or “the Company") is pleased to advise that the Company has
received a second financing offer for a similar amount to the Lind
Financing announced on March 23th, 2022.
The 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, but we can
disclose that the offer came from another well-financed, reputable
entity. With the best interest of the Company and its stakeholders
in mind, 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.
Further to the News Release on the Lind
Financing (NR 147) the Company would also like to clarify that its
major shareholder, Fortescue Metals Group, has the right to
maintain their position of 19.9% 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. Further to that, all
conversations with Fortescue to date indicate that they wish to
maintain their 19.9% interest or increase it.
Funds raised will be dedicated initially to
Feasibility, Detailed Environmental Impact studies and community
initiatives for the Cañariaco Norte Project and once permits are
received, then to exploration drilling on Cañariaco Sur and
Quebrada Verde.
This press release shall not constitute
an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of the securities offered in any jurisdiction in
which such offer, solicitation, or sale would be unlawful. The
securities offered have not been registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
applicable state securities laws, and may not be offered or sold
to, or for the account or benefit of, persons in the United States
or U.S. persons (as both such terms are defined in Regulation S
promulgated under the U.S. Securities Act) absent registration or
an applicable exemption from such registration
requirements.
About Candente Copper
The Company’s flagship project is Cañariaco,
within which Cañariaco Norte, is the 10th largest late-stage copper
resource in the world and 6th highest in grade (RFC Ambrian,
December 2021 and Haywood, December 2021). In addition to Cañariaco
Norte, the Cañariaco Project, includes the Cañariaco Sur deposit
and Quebrada Verde prospect, all within a 4km NE-SW trend in
northern Peru’s prolific mining district.
The Company is very pleased to now have
Cañariaco Norte included in 4 research reports that compare various
global copper projects. RFC Ambrian: Cañariaco
Norte in top 10 of 23 projects with potential to involve third
party M&A (December 2021); Haywood: Cañariaco
Norte is one of 18 assets selected as likely to be considered by
majors looking to acquire (December 2021); Deutsche
Bank: Cañariaco Norte identified as one of 3 projects
required to meet the upcoming copper supply-demand gap (February
2021); Goldman Sachs: Cañariaco Norte identified
with incentive copper price in the lowest quartile of the top 84
copper projects worldwide (October 2018).
Joanne Freeze, P.Geo., President, CEO, Director
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 press release contains forward-looking
information within the meaning of Canadian securities laws
(“forward-looking statements”). Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All
statements that are not statements of historical fact are
forward-looking statements, including, but not limited to,
statements with respect to the potential acceptance of the
additional financing offer. These forward-looking statements are
made as of the date of this press release. Although the Company
believes the forward-looking statements in this press release are
reasonable, it can give no assurance that the expectations and
assumptions in such statements will prove to be correct. The
Company cautions investors that any forward-looking statements by
the Company are not guarantees of future results or performance,
and are subject to risks, uncertainties, assumptions and other
factors which could cause events or outcomes to differ materially
from those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, the ability of
the Company and Lind to negotiate the terms of the definitive
funding agreement, variations in market conditions; the nature,
quality and quantity of any mineral deposits that may be located;
metal prices; other prices and costs; currency exchange rates; the
Company’s ability to obtain any necessary permits, consents or
authorizations required for its activities; the Company’s ability
to access further funding and produce minerals from its properties
successfully or profitably, to continue its projected growth, or to
be fully able to implement its business strategies. In addition,
there are known and unknown risk factors which could cause our
actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Known
risk factors include risks associated with exploration and project
development; the need for additional financing; the calculation of
mineral resources; operational risks associated with mining and
mineral processing; fluctuations in metal prices; title matters;
government regulation; obtaining and renewing necessary licenses
and permits; environmental liability and insurance; reliance on key
personnel; local community opposition; currency fluctuations;
labour disputes; competition; dilution; the volatility of our
common share price and volume; future sales of shares by existing
shareholders; and other risk factors described in the Company’s
annual information form and other filings with Canadian securities
regulators, which may be viewed at www.sedar.com. Although we have
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. We are under no
obligation to update or alter any forward-looking statements except
as required under applicable securities laws. CAUTIONARY
NOTE TO U.S. INVESTORSWe advise U.S. investors that this news
release uses terms defined in the 2014 edition of the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) “CIM Definition
Standards on Mineral Resources and Mineral Reserves”, as
incorporated by reference in Canadian National Instrument 43-101
“Standards of Disclosure for Mineral Projects”, for reporting of
mineral resource estimates. These Canadian standards,
including NI 43-101, differ from the requirements of the United
States Securities and Exchange Commission (SEC) as set forth in the
mining disclosure rules under Regulation S-K subpart 1300 (S-K
1300). S-K 1300 uses the same terminology for mineral
resources, but the definitions are not identical to NI 43-101 and
CIM Definition Standards. S-K 1300 uses the term “initial
assessment” for an evaluation of potential project economics based
on mineral resources. This study type has some similarities
to a Preliminary Economic Assessment, but the definition and
content requirements of an initial assessment are not identical to
the definition and content requirements for a PEA under NI
43-101.
On behalf of the Board of Candente
Copper Corp.
“Joanne C. Freeze” P.Geo., President, CEO and
Director
For further information please contact:Jonathan
PatersonJonathan.Paterson@HarborAccessllc.com+1 475 455
9401
info@candentecopper.com www.candentecopper.com
NR-149
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