Camino Minerals Raises $5,035,000 to Fund Drilling at Los Chapitos Project
TSX Venture Symbol: COR
VANCOUVER, June 1, 2017 /CNW/ - Camino Minerals Corporation ("Camino" or the "Company") (COR: TSX-V) is pleased to announce that it has completed a non-brokered private placement for gross proceeds of $5,035,000 which will be used to fund the Phase 2 drill program at its Los Chapitos project ("Chapitos"), located in southern Peru, and for general working capital.
The non-brokered private placement consisted of 5,300,000 units at a price of $0.95 per unit, each unit being comprised of one common share and one non-transferable share purchase warrant. The common shares, warrants and any shares issued on the exercise of warrants are subject to a four-month hold period expiring October 1, 2017. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $1.35 per common share until May 30, 2019. The warrants are subject to an acceleration right in favor of the Company: should the closing price of the common shares of the Company on the TSX Venture Exchange be $2.00 or higher for ten consecutive trading days, the Company will be entitled to accelerate the expiry of the warrants to the date that is 30 business days from the date of the issuance of a news release by the Company announcing the exercise of the acceleration right.
The Company paid $241,670 in cash and issued 254,389 warrants ("Finder`s Warrants") to finders in respect of the placement. Each Finder's Warrant is subject to a hold period expiring on October 1, 2017 and will be exercisable into one common share of the Company at a price of $1.35 per share until May 30, 2019. The Finder's Warrants will be subject to the same acceleration clause as the private placement warrants.
The Phase 2 drill program commenced in mid-May, and will now total at least 3,000 meters of diamond drilling. The first drill was set up on the Adriana Zone and will initially complete a twin hole located next to CHR-002, which intersected 1.30% copper over 106 meters, including 2.12% copper over 38 meters. A second diamond drill has been mobilized to the property and is set up to test the Katty Zone, located one kilometer southeast of the Adriana Zone. Drill results will be released as they become available. A summary presentation can be found on the company website at www.caminominerals.com.
Kenneth C. McNaughton, M.A.Sc., P.Eng., the President and Chief Executive Officer of the Company, is a Qualified Person (QP) and is responsible for the Chapitos Project exploration program.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high grade copper and precious metal projects. For more information, please refer to Camino's website at www.caminominerals.com
Cautionary Note Regarding Forward-Looking Statements and Information
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information may include, but is not limited to, information with respect to our planned exploration activities, the adequacy of our financial resources, the estimation of mineral reserves and resources, the results of future exploration and drilling. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in the Company's annual disclosure materials, filed with the securities regulatory authorities in Canada and available at www.sedar.com. Readers are encouraged to read these materials. Prospective investors should not place undue reliance on forward-looking information.
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.
SOURCE Camino Minerals Corporation
and investor inquiries, contact: Ken McNaughton, President and Chief, Executive Officer, Phone(604) 566-8778, [email protected], http://www.caminominerals.com
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