Mr. Curtis Turner reports
CANDELARIA MINING PROVIDES AN UPDATE ON PRIVATE PLACEMENT FINANCING
Candelaria Mining Corp. has provided an update on a private placement previously announced on Dec. 21, 2018, and March 8, 2019. The company would like to state that the private placement has been discontinued due to unfavourable market conditions.
The company has arranged a new private placement with revised terms. The company intends to conduct an offering, on a non-brokered private placement basis, of up to 2.8 million units of the company at a subscription price of 25 cents per unit for aggregate gross proceeds of up to $700,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 40 cents for a period of three years following the closing of the new private placement.
The company intends to use the net proceeds of the new private placement for general working capital.
Upon closing of the new private placement, the company may pay a cash finder's fee to one or more arm's-length parties of up to 8 per cent of the aggregate gross proceeds raised under the new private placement from subscribers introduced by such parties.
Closing of the new private placement is expected to be on or before Nov. 30, 2019, and is subject to the acceptance of the TSX Venture Exchange.
About Candelaria Mining Corp.
Candelaria Mining is a Canadian-based gold development and exploration company with a portfolio of highly prospective projects in Mexico, one of the world's best mining jurisdictions. Candelaria's 100-per-cent-owned Caballo Blanco project hosts an indicated resource of 521,000 ounces of gold and 2.17 million ounces of silver (31.22 million tonnes grading 0.52 gram per tonne gold and 2.16 g/t silver), and an inferred resource of 95,000 ounces of gold and 590,000 of ounces of silver (8.63 million tonnes grading 0.34 g/t gold and 2.14 g/t silver). Potential exists to increase these estimated resources through continued drilling and exploration.
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