Camino Announces Private Placement and New Management Appointments
Edmonton, Alberta--(Newsfile Corp. - January 21, 2020) - Camino Minerals Corp. (TSXV: COR) (OTCQB: CAMZF) (WKN: A116E1) ("Camino" or the "Company") is pleased to announce that it has agreed to appoint Keith Peck to the new role of Chairman, and Jay Chmelauskas to the role of CEO and Director, to develop the advanced exploration stage Chapitos copper project, based in Chala, Peru. John Williamson has agreed to step down as CEO, but will remain involved with Camino as a member of a newly formed Advisory Board. The new leadership team plans to focus its efforts on the development of the Chapitos copper project as a potential copper oxide heap leach property.
The Company is also pleased to announce that it has arranged a non-brokered private placement for gross proceeds of $600,000 which will be used to advance its exploration strategy and for general working capital. The financing will be subscribed for largely by Keith Peck and Jay Chmelauskas.
The non-brokered private placement consists of 7,500,000 units at a price of $0.08 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 will be subject to a four-month hold period expiring four months following the date of issue. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.105 per common share for a period of two years following the closing date. Completion of the private placement and appointments are subject to approval of the TSX Venture Exchange.
Mr. Peck is a Chartered Business Valuator (CBV) and was a founder of Centenario Copper Corporation, a Chilean copper company that was acquired by Quadra Mining Ltd. in 2009. He has over 30 years of investment banking experience including Vice-President and Director of RBC Dominion Securities Inc., Haywood Securities Inc. and Vice-Chairman of Yorkton Securities Inc. Mr. Peck has a broad business background that includes financings in public and private markets, mergers and acquisitions, corporate restructurings and business valuations.
Mr. Peck commented "we believe Camino has a project that has the potential size and grade to build copper production. We plan to systematically explore the tenements, advance the project, and develop a capital markets strategy to support our efforts. I am very pleased to be back focusing in the copper space, as this is a sector that I think has excellent opportunities for growth."
Mr. Chmelauskas was the CEO of TSX listed Jinshan Gold Mines. Jinshan built one of China's largest gold mines, the CSH mine, in Inner Mongolia, China, and China National Gold Corporation acquired a controlling interest in the company in 2008. He is a seasoned CEO and Director of development stage Toronto Stock Exchange listed mining companies and has over 25 years of experience as an executive and geological engineer in the mining and industrial sectors. Mr. Chmelauskas is the former CEO and Director of TSX listed Western Lithium Corporation, that merged with Argentina based Lithium Americas Corporation, to become one of the leading developers in the lithium sector.
Mr. Chmelauskas commented, "We believe that at the start of the new decade, momentum is now shifting towards decarbonization of the world economy. Our focus will be to use Camino as a platform to advance copper assets, as we believe copper is the enabling metal for an electrified world. The exploration potential at Camino provides excellent prospects for potential heap leach copper production as well as major discovery, to support increasing global copper demand."
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.
ON BEHALF OF THE BOARD
/S/ "John Williamson"
President and CEO
For further information, please contact:
Jeremy Yaseniuk, Director
Tel: (604) 773-1467
Cautionary Note Regarding Forward Looking Statements: Certain disclosures in this release constitute forward-looking information. In making the forward-looking disclosures in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Forward-looking information in the release includes completion of the Private Placement and appointments, the prospectivity of the project for future exploration, development and production on the Chapitos copper project and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release is subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management, that the Company will be unable to obtain or will experience delays in obtaining any required approvals and the state of equity and commodity markets. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither 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.
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