Candelaria Mining Announces $1,000,000 Private Placement Financing
February 27 2020 - 6:30PM
Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the
“
Company”
) is pleased to announce
that the Company has received subscriptions for an offering, on a
non-brokered private placement basis, of 4,237,042 units of the
Company (the "
Units") at a subscription price of
$0.25 per Unit for aggregate gross proceeds of up to $1,059,261
(the "
Private Placement"). Each Unit will
consist of one common share of the Company (each, a "
Common
Share") and one-half of one Common Share purchase warrant
(each whole Common Share purchase warrant, a
"
Warrant"). Each Warrant will entitle the
holder to purchase one Common Share at a price of $0.40 for a
period of three (3) years following the closing of the Private
Placement.
The Company intends to use the proceeds of the
Private Placement for general working capital.
Closing of the Private Placement is expected to
be on or before March 31, 2020 and is subject to the acceptance of
the TSXV.
Directors and officers of the Company have
collectively subscribed for 2,488,242 Units in the Private
Placement.
About Candelaria Mining
Candelaria Mining is a Canadian-based gold
development and exploration company with a portfolio of highly
prospective projects in Mexico, one of the world’s best mining
jurisdictions. Candelaria’s 100% owned Caballo Blanco Project hosts
an Indicated Resource of 521,000 ounces of gold and 2,170,000
ounces of silver (31,220,000 tonnes grading 0.52 g/t gold and 2.16
g/t silver) and an Inferred Resource of 95,000 ounces of gold and
590,000 of ounces of silver (8,630,000 tonnes grading 0.34 g/t gold
and 2.14 g/t silver). Potential exists to increase these estimated
resources through continued drilling and exploration. Candelaria
also holds the Pinos Gold Project which hosts a Measured
Resource of 4,444 ounces of gold and 228,892 ounces of silver
(85,847 tonnes grading 1.6 g/t gold and 82.9 g/t silver), an
Indicated Resource of 20,586 ounces of gold and 267,745 of ounces
of silver (175,697 tonnes grading 3.6 g/t gold and 47.4 g/t silver)
and an Inferred Resource of 60,657 ounces of gold and 811,082 of
ounces of silver (529,267 tonnes grading 3.6 g/t gold and 47.4 g/t
silver). For more information on resource estimates, please see the
technical reports prepared pursuant to NI 43-101 which are
available on the Company’s website at www.candelariamining.com.
ON BEHALF OF THE BOARD,
Curtis TurnerChief Executive Officer
For further information, please contact:
Investor RelationsEmail:
info@candelariamining.comPhone: 604-349-5992
This press release shall not constitute an offer
to sell or solicitation of an offer to buy the securities in any
jurisdiction. The securities will not be and have not been
registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
Cautionary Note Regarding
Forward-looking Statements: This press release contains
certain “forward-looking statements” and “forward-looking
information” under applicable Canadian securities laws concerning
the business, operations and financial performance and condition of
Candelaria Mining Corp. (“Candelaria” or “Candelaria Mining”).
Forward-looking statements and forward-looking information include,
but are not limited to, statements with respect to estimation of
mineral resources at mineral projects of Candelaria;
Forward-looking statements are based on the opinions and estimates
as at the date the statements are made, and are based on a number
of assumptions and subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. Many of these assumptions are based on factors and
events that are not within the control of Candelaria and there is
no assurance they will prove to be correct. Factors that could
cause actual results to vary materially from results anticipated by
such forward-looking statements include variations in metal grades,
changes in market conditions, variations in recovery rates,
risks relating to international operations, fluctuating metal
prices and currency exchange rates, changes in project parameters,
the possibility of project cost overruns or unanticipated costs and
expenses, labor disputes and other risks of the mining industry,
failure of plant, equipment or processes to operate as
anticipated.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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