The Vancouver, B.C.-based exploration company said the gross proceeds collected as part of the final offering will be used for general corporate purposes.
Candelaria Mining Corp announced that it has closed the second and final tranche of its non-middleman private placement, issuing 1,136,997 company shares at a price of C $ 0.45 per unit to raise gross proceeds of C $ 5.1 million .
The Vancouver, British Columbia-based exploration company said the gross proceeds collected as part of the final offer will be used for general corporate purposes.
Each unit offered consisted of one common share of the company and one-half common share purchase warrant, each full warrant entitling its holder to acquire one common share at a price of C $ 0.65 for the following 36 months. the closing of the offer. .
READ: Candelaria Mining closes the first tranche of its C $ 9.3 million grossed-up private placement
Candelaria CEO Mike Struthers and COO Armando Alexandri subscribed 91,111 units ($ 41,000) and 622,222 ($ 280,000), respectively.
Combined with the first tranche, which closed on September 22, 2021, the total proceeds raised amounted to C $ 8,441,770, with a total issuance of 18,759,491 units.
The original regulatory deadline for closing the final offer was October 7, 2021, but the company had obtained regulatory approval to extend it to October 29, 2021.
Candelaria is a gold-focused explorer, with his flagship Caballo Blanco project, located within 198 square kilometers on Mexico’s mining-friendly east coast.
Caballo claims an NI 43-101 indicated resource of 521,000 ounces of gold and 2.17 million ounces of silver, while the alleged grade contains 95,000 ounces of gold and 590,000 ounces of silver. The project is viewed as a simple open pit heap leaching operation and there is potential to increase resources through continued drilling and exploration.
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