A Notice of Meeting and Management Information Circular for the Special Meeting (the “Circular”) has been posted on SEDAR and is being delivered to Shareholders. As more fully described in the Circular, the Board of Directors of
- the Board anticipates that Fortescue increasing its shareholding from 19.4% to 25.4% will have a minor practical effect on the control Fortescue is able to exert on the Company. Fortescue has one nominee on the Board, which was reconstituted as announced in the Company’s press release dated
December 6, 2022 ; - the Private Placement with Fortescue, the Company’s largest shareholder, demonstrates their ongoing support while allowing the Company to settle the outstanding debt owing under the loan advanced by Fortescue as announced by the Company on
September 22, 2022 (the “Fortescue Loan”) and further develop the Cañariaco copper project by providing required working capital; - the Private Placement will result in minimal dilution to existing shareholders when compared to other equity financings that are in most instances conducted at a discount to market with the inclusion of a warrant;
- the Private Placement is being conducted at a premium of 26% to the five-day volume weighted average price of the Company’s shares ending the trading day before the subscription agreement in respect of the Private Placement was executed; and
- the accrued interest on the Fortescue Loan will be waived in connection with the Private Placement if completed.
The Board are in favour of the Private Placement and have advised they will vote shares held in favour of the Resolution at the Special Meeting.
Details of the Special Meeting
Approval of over 50% of Disinterested Shareholders of the Company voting at the Special Meeting, excluding Fortescue, is required to complete the Private Placement.
All registered shareholders who hold their shares directly will receive a proxy in the mail. Most beneficial shareholders will receive a Voting Instruction form (“VIF”) in the mail. All beneficial shareholders who hold their shares through a brokerage firm should contact their broker and request their proxy or VIF in order to vote. For more information, all meeting materials are available for review on the Company website: https://candentecopper.com/investors/shareholders-meetings/ and SEDAR.
Peruvian shareholders who hold their shares through the
About
Cañariaco Norte is included in four research reports that compare various global copper projects. RFC Ambrian: Cañariaco Norte in top 10 of 23 projects with potential to involve third party M&A (
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the planned closing of the Private Placement and the Company’s plans for future drilling at the Cañariaco project. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, variations in market conditions; metals prices; other prices and costs; currency exchange rates; the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities; the Company’s ability to access further funding and produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.
Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labour disputes; competition; dilution; the volatility of our common share price and volume; future sales of shares by existing shareholders; and other risk factors described in the Company’s annual information form and other filings with Canadian securities regulators, which may be viewed at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
On behalf of the Board of
“Joanne C. Freeze”, President, CEO & Director
For further information please contact:
jfreeze@candente.com
or
gtbonifacio@candente.com
Tel.:1 604 689 1957
info@candentecopper.com
www.candentecopper.com
Source:
2023 GlobeNewswire, Inc., source