Business
Camino Minerals Corporation to Raise $5M to Commence Copper Discovery Drilling in Peru
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2021) - Camino Minerals Corporatio...
About this update from Camino Minerals Corporation
[{"type":"text","content":"Camino Minerals Corporation to Raise $5M to Commence Copper Discovery Drilling in PeruVancouver, British Columbia--(Newsfile Corp. - April 29, 2021) - Camino Minerals Corporation (TSXV: COR) (OTC Pink: CAMZF) (WKN: A116E1) (\"Camino\" or the \"Company\") is pleased to announce that it is arranging a non-brokered private placement for gross proceeds of up to $5,000,000 (the \"Financing\"), which will be used to advance exploration at its three copper projects in Peru: the Los Chapitos (IOCG) copper discovery, the Maria Cecilia porphyry complex (subject to the closing of Camino's acquisition of Minera Maria Cecilia Ltd., as announced in the Company's news release issued March 30, 2021), and the Plata Dorada high-grade copper and silver project. The Financing is anticipated to be largely subscribed by institutional investors.\"The planned 2021 drilling campaigns for our Los Chapitos IOCG and Maria Cecilia Porphyry copper projects are designed to make new discoveries. We plan to drill the porphyry center of a major porphyry district at Maria Cecilia. We also plan to drill the north and south extensions of our 8 km copper mineralized Diva Trend at Los Chapitos,\" said Jay Chmelauskas, President and CEO of Camino. \"Permits are in place to start drilling at the Los Chapitos south extension. We expect permits to drill Maria Cecilia and additional permits to drill at Los Chapitos around July.\" The Financing will consist of 29,411,764 million units (each, a \"Unit\") at a price of $0.17 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 whole warrant will entitle the holder to acquire an additional common share of the Company at a price of $0.25 per common share for a period of 18 months from the date of issue. All securities issued in connection with the Financing will be subject to a hold period expiring four months and one day following the date of issue. A finder's fee will be payable on a portion of the Financing, in accordance with the policies of the TSX Venture Exchange. Completion of the Financing is subject to approval of the TSX Venture Exchange. Camino anticipates that certain insiders will acquire securities in the Financing. To the extent such insiders participate in the Financing, any such participation would be considered a \"...