Business
Camino Closes Acquisition of Maria Cecilia Porphyry Complex in Peru as Part of Investment Collaboration with Denham Capital
VANCOUVER, BC / ACCESSWIRE / July 14, 2021 / Camino Minerals Corporation (TSXV:COR)(OTC PI...
About this update from Camino Minerals Corporation
[{"type":"text","content":"Camino Closes Acquisition of Maria Cecilia Porphyry Complex in Peru as Part of Investment Collaboration with Denham CapitalVANCOUVER, BC / ACCESSWIRE / July 14, 2021 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF)(WKN:A116E1) (\"Camino\" or the \"Company\") and Denham Capital affiliate, Stellar Investment Holdings LLC (\"Stellar\"), are pleased to announce the successful completion of Camino's acquisition of Minera Maria Cecilia Ltd. (\"MMC BVI\"), a British Virgin Islands company, as previously announced on March 30, 2021. As a result of the acquisition, Camino now controls the mineral rights and titles comprising the Maria Cecilia Porphyry and Skarn Complex (\"Maria Cecilia\") located in Ancash, Peru.\"Our plans to drill the significant porphyry system identified at Maria Cecilia in Peru, provides Camino with another copper discovery opportunity in 2021 to add to our copper asset portfolio. Drilling of our flagship Los Chapitos project is expected to commence in August, followed by Maria Cecilia,\" said Jay Chmelauskas, CEO of Camino. \"Our Board of Directors is strengthened by the addition of Justin Machin, that will see Camino continue a strong corporate development effort.\"Justin Machin, Director at Denham Capital commented, \"With the Maria Cecilia transaction now closed, and Camino having completed its recent $7.5 million financing, the company is well positioned for its next phase of growth. I am looking forward to working closely with Jay and the rest of the Camino Board of Directors to build a leading junior mining company.\"Camino acquired all of the shares of MMC BVI from Stellar pursuant to the terms of a share purchase agreement among Camino, Stellar, and MMC BVI dated March 30, 2021 (the \"Share Purchase Agreement\"). As consideration for the shares of MMC BVI, Camino issued 23,193,098 common shares in the capital of Camino (each, a \"Common Share\") to Stellar at a price of $0.20 per Common Share for an aggregate purchase price of approximately $4,638,620.Concurrently with the closing of the acquisition, Camino closed a subscription by Stellar for 2,941,176 units of Camino (each, a \"Unit\") at a price of $0.17 per Unit for aggregate gross proceeds of approximately $500,000. This subscription was previously announced on March 30, 2021, and May 3, 2021. Each Unit consists of one Common Share and one half...