Candelaria Mining Announces $8.6 Million Private Placement And Agreement For Debt Conversion
May 05, 2016 – Vancouver, British Columbia – Candelaria Mining Corp. announces that it is offering on a private placement basis up to 80,000,000 common shares of the Company at a price of $0.10 per share for total proceeds of up to $8,000,000.
The company also announces that is offering up to US$600,000 of unsecured convertible notes. The notes will bear interest at 6% annually, paid monthly and will be convertible into common shares of the Company for a period of 18 months at C$0.06 per share.
The proceeds from the private placements will be used for general working capital and as a reserve for future mineral property acquisitions. A finder’s fee may be paid in connection with the private placement.
In addition Candelaria has obtained the agreement of Credipresto SA to the grant of a conversion right of US$500,000 of principal loan amount into shares of Candelaria at a price of $0.05 per share. The conversion would be triggered upon Candelaria completing both the exercise of the option to acquire a 60% interest in Minera Apolo SA de CV, and the acquisition of the remaining 40% interest in Minera Apolo.
Completion of each of the above transactions is subject to stock exchange approval.
For further information, please contact:
Sokhie Puar, President & CEO
Telephone: (604) 408-1990
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.