Candente Announces Debt Settlement Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 23, 2017) - Candente Copper Corp. (TSX:DNT)(LMA:DNT) ("Candente Copper", "Candente", "Company") is pleased to announce that it has entered into a Debt Settlement Agreement (the "Agreement") with Energold Drilling Corp. ("Energold") in respect of drilling services provided by Energold to Candente.
As consideration for the debt of Cdn$150,000, Candente Copper has issued to Energold a total of 1,250,000 units of Candente Copper (the "Units") at a deemed price of $0.12 per Unit. Each Unit is comprised of one common share of DNT (the "Unit Shares") and one-half of a share purchase warrant, with each whole share purchase warrant (a "Warrant") being exercisable for 2 years to purchase an additional common share (a "Warrant Share") at a price of $0.15 per share, subject to an acceleration provision. If at any time after June 23rd, 2017, the Company's common shares have a closing price on the TSX Exchange at or above a price of Cdn$0.30 per share for a period of 10 consecutive trading days, the Company may give notice in writing or by News Release that expiration of the Warrants will be accelerated to 40 days from the date of providing such notice. The Debt Settlement Agreement has been approved by the TSX.
"Energold has provided extensive drilling services to the Company's Cañariaco Project in Northern Peru and the Company is extremely appreciative of Energold's support. We look forward to working with Energold when we resume exploration and development activity at Cañariaco," stated Sean Waller, President.
About Candente Copper
Candente Copper is a mineral exploration company engaged in acquisition, exploration, and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect where additional drilling offers the potential to increase resources and identify stand-alone new deposits, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
Joanne C. Freeze, P.Geo., CEO, and Sean Waller, P.Eng., are the Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. They have reviewed and approved the contents of this release.
This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Candente Copper relies upon litigation protection for forward-looking statements.
On behalf of the Board of Candente Copper Corp.
Sean Waller, P. Eng., President and Director
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Contact
Candente Copper Corp.
info@candentecopper.com
www.candentecopper.com
Walter Spagnuolo
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3