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Camino Announces Restructured Private Placement of up to C$2.0 Million and Proposed Consolidation
VANCOUVER, BC / ACCESSWIRE / January 10, 2025 / Camino Minerals Corporation (TSXV:COR)(OTC PIN...
About this update from Camino Minerals Corporation
[{"type":"text","content":"Camino Announces Restructured Private Placement of up to C$2.0 Million and Proposed ConsolidationVANCOUVER, BC / ACCESSWIRE / January 10, 2025 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF) (\"Camino\" or the \"Company\") today announced that, following discussions with the TSX Venture Exchange (the \"TSXV\"), the Company has restructured its previously announced C$2 million non-brokered private placement (as restructured, the \"Financing\"), as announced in its news release dated November 28, 2024. The Company also announced today a proposed consolidation of the common shares of the Company on a 6:1 basis, which is expected to be completed prior to closing of the Financing, subject to TSXV acceptance.Restructured FinancingThe Financing will continue to provide for an equity raise of aggregate gross proceeds of up to C$2.0 million, but will now contemplate the completion of a consolidation of the common shares of the Company (each, a \"Share\") on a 6:1 basis (the \"Consolidation\") prior to closing of the Financing, such that the Financing will consist of the issuance of up to 9,523,809 post-Consolidation Shares at an issue price (on a post-Consolidation basis) of C$0.21 per Share. The Company may pay finders' fees to certain eligible finders in connection with the Financing, in accordance with applicable securities laws and the policies of the TSXV. The Financing is expected to be completed in one or more tranches, with participation in the Financing by Denham Capital Management LP (\"Denham Capital\") or an affiliate thereof in the amount of $500,000, Mr. Jay Chmelauskas, CEO of Camino, who plans to invest C$200,000, and certain other insiders.The gross proceeds from the Financing will be applied towards corporate working capital, legal expenses, engineering studies, and general administrative expenses.In addition, the Company plans to commence an exploration drilling campaign at its Los Chapitos copper property in Peru with an additional C$1.5M in funding that was previously received from its partner Nittetsu Mining Co., Ltd., as announced on December 12, 2024.Separate Denham Capital-advised funds hold an aggregate shareholder interest in Camino of approximately 15% and Justin Machin, a Managing Director of Denham Capital, is also a member of the Camino board of directors.The participation in the Financing by relat...