Business
Camino Corporation to Raise $3.0 Million to Advance its Los Chapitos Copper Discovery in Peru
Vancouver, British Columbia--(Newsfile Corp. - June 19, 2020) - Camino Corporation (TSXV: COR)...
About this update from Camino Minerals Corporation
[{"type":"text","content":"Camino Corporation to Raise $3.0 Million to Advance its Los Chapitos Copper Discovery in PeruVancouver, British Columbia--(Newsfile Corp. - June 19, 2020) - Camino Corporation (TSXV: COR) (OTCQB: CAMZF) (WKN: A116E1) (\"Camino\" or the \"Company\") is pleased to announce that it is arranging a non-brokered private placement for gross proceeds of $3,000,000 (the \"Financing\") which will be used to: (i) advance its exploration and development strategy at its Los Chapitos copper discovery in Peru; (ii) to make a final property option payment of US$149,500 to realize a 100% ownership of the Los Chapitos property that will initially be paid through a Promissory Note (defined below); (iii) repay the Promissory Note; and (iv) for general working capital. The Financing is anticipated to be largely subscribed by institutional investors and will include management participation. \"This investment will get us back to exploration drilling at our Los Chapitos copper discovery. Camino is permitted with a completed EIA to commence drilling in Peru. We have submitted all information required by the General Mining Direction to commence activities, and started filing our Covid-19 surveillance, prevention and control plan with authorities,\" said Camino CEO, Jay Chmelauskas. \"We expect to restart activities at Los Chapitos to prepare the area for the drilling program in July, mobilize a rig to the site in August, and to start drilling in September. The initial drill program will be designed to expand on the zone of copper mineralization first identified during the 2017 and 2018 discovery drill programs.\"The Financing will consist of 30 million units (each, a \"Unit\") at a price of $0.10 per Unit. Each Unit will consist of one common share in the capital of the Company and half a non-transferable common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share of the Company at a price of $0.15 per common share for a period of two years from the date of issue. All securities issued in connection with the Financing will be subject to a four-month hold period expiring four months following the date of issue. A finder's fee will be payable on a portion of the Financing. Completion of the Financing is subject to approval of the TSX Venture Exchange.Management plans to provide a short-term demand promissory n...