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Capitan Mining Announces Non-Brokered C$3,200,000 Private Placement and Welcomes Strategic Investment by Michael Gentile, CFA
Vancouver, British Columbia--(Newsfile Corp. - April 6, 2021) - Capitan Mining Inc. (TSXV...
About this update from Capitan Silver Corp
[{"type":"text","content":"Capitan Mining Announces Non-Brokered C$3,200,000 Private Placement and Welcomes Strategic Investment by Michael Gentile, CFAVancouver, British Columbia--(Newsfile Corp. - April 6, 2021) - Capitan Mining Inc. (TSXV: CAPT) (\"Capitan\") is pleased to announce its intention to raise C$3,200,000, by way of a non-brokered private placement of 16,000,000 common shares (the \"Shares\") at a price of C$0.20 per Share (the \"Private Placement\"). The financing is led by a strategic investment of C$1,600,000 by Mr. Michael Gentile, CFA which will increase his position in Capitan Mining to 15.3%.\"I'm very pleased to make this strategic investment in Capitan Mining. From my perspective Capitan with its current market cap of C$8.5 million is a deeply undervalued story. With a strong in-country Mexican focused management team that has significant experience in the discovery, expansion and building of heap leach oxide assets in Mexico, Capitan is well positioned to advance the Peñoles Gold & Silver Project in Durango, Mexico. Management has the potential to create significant value for its shareholders going forward.\" - Michael Gentile, CFA\"We are excited to welcome Mr. Gentile, as a strategic investor, to our company. Mr. Gentile has a tremendous track record for identifying high quality investment opportunities in the mining sector and we are pleased to have him as a partner. We believe this financing will be an inflection point for our company as it allows us the opportunity to continue to expand the mineralized envelope at the Capitan gold oxide zone, which remains open in multiple directions and at depth. In addition, we plan to advance and drill test other gold-silver targets at the Peñoles Project, highlighting the scale and prospectivity of this great opportunity.\" - Alberto Orozco CEO, Capitan MiningCapitan intends to use the net proceeds from the Private Placement to advance drilling and work programs at the Peñoles Gold & Silver Project in addition to funding working capital and general corporate expenses.No commissions are payable in connection with the Private Placement.The closing of the Private Placement is expected to occur on or about April 29th, 2021, and is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX-V. All securities issued pursuant to...