Candente Copper Corp. (TSX:DNT) has agreed to terms for a private placement of up to C10 million with the Lind Global Fund II, LP, an institutional investment fund managed by The Lind Partners, LLC .
The private placement is expected to include the issuance of a convertible security and warrants to purchase common shares of the vompany.
The funding agreement is to comprise (i) an initial C$3,000,000 investment; and (ii) optional follow-on investment(s) of up to C7,000,000, upon mutual agreement.
The initial C3,000,000 investment would result in the company issuing Lind the Convertible Security with a face value of C$3,600,000 with a 24-month maturity date. The outstanding Face Value of the Convertible Security could be repaid in cash, with a 5% premium, or be converted into Shares at a conversion price equal to 85% of the five-day volume weighted average price of the Shares immediately prior to each conversion. Should the company exercise its Buy-Back Right, Lind would have the option to convert up to 33.3% of the face value of the Convertible Security into Shares.
The Warrants would be issued concurrently with the initial funding and would allow the purchase of up to 6,250,000 Shares at a price of C$0.30 per share for a period of 48 months, which if exercised would bring in an additional C$1,875,000 in funding.
“This is the second financing provided to the company by Lind as they completed 50% of our C$1.1M private placement in August 2021 which provided the funding for the recently completed 2022 Preliminary Economic Assessment (PEA),” said Joanne Freeze, Candente Copper’s President and CEO.
“These new funds will allow us to continue to de-risk the Cañariaco project by advancing engineering and environmental studies as well as community relations and projects. The Company is reviewing all engineering work to date with the goal of launching into Feasibility and detailed Environmental Impact Assessment (EIA) studies on Cañariaco Norte while applying for permits to continue resource definition drilling at Cañariaco Sur and exploration drilling at Quebrada Verde.”
For further information please visit: https://candentecopper.com/
