Camino Minerals Corporation to Raise $5M to Commence Copper Discovery Drilling in Peru
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2021) - Camino Minerals Corporation (TSXV: COR) (OTC Pink: CAMZF) (WKN: A116E1) ("Camino" or the "Company") is pleased to announce that it is arranging a non-brokered private placement for gross proceeds of up to $5,000,000 (the "Financing"), which will be used to advance exploration at its three copper projects in Peru: the Los Chapitos (IOCG) copper discovery, the Maria Cecilia porphyry complex (subject to the closing of Camino's acquisition of Minera Maria Cecilia Ltd., as announced in the Company's news release issued March 30, 2021), and the Plata Dorada high-grade copper and silver project. The Financing is anticipated to be largely subscribed by institutional investors.
"The planned 2021 drilling campaigns for our Los Chapitos IOCG and Maria Cecilia Porphyry copper projects are designed to make new discoveries. We plan to drill the porphyry center of a major porphyry district at Maria Cecilia. We also plan to drill the north and south extensions of our 8 km copper mineralized Diva Trend at Los Chapitos," said Jay Chmelauskas, President and CEO of Camino. "Permits are in place to start drilling at the Los Chapitos south extension. We expect permits to drill Maria Cecilia and additional permits to drill at Los Chapitos around July."
The Financing will consist of 29,411,764 million units (each, a "Unit") at a price of $0.17 per Unit. Each Unit will consist of one common share in the capital of the Company and half a non-transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share of the Company at a price of $0.25 per common share for a period of 18 months from the date of issue. All securities issued in connection with the Financing will be subject to a hold period expiring four months and one day following the date of issue. A finder's fee will be payable on a portion of the Financing, in accordance with the policies of the TSX Venture Exchange. Completion of the Financing is subject to approval of the TSX Venture Exchange.
Camino anticipates that certain insiders will acquire securities in the Financing. To the extent such insiders participate in the Financing, any such participation would be considered a "related party transaction" as defined under Multilateral Instrument 61-101.
Camino expects that its announced transaction to purchase the Maria Cecilia porphyry complex from a Denham Capital affiliate (announced in the Company's news release issued March 30, 2021), and the concurrent $500,000 private placement by Camino to that affiliate, will be adjusted to reflect the terms of the Financing.
About Camino Minerals Corporation
Camino is a discovery and development stage copper exploration company. The Company is focused on advancing its high-grade Los Chapitos copper project located in Peru towards potential resource delineation and new discoveries. In addition, the company has commenced field studies at its copper and silver Plata Dorada project. Camino is currently closing the acquisition of the Maria Cecilia copper porphyry. The Company seeks to acquire a portfolio of advanced copper assets that have the potential to deliver copper into an electrifying copper intensive global economy. For more information, please refer to Camino's website at www.caminocorp.com.
ON BEHALF OF THE BOARD
/S/ "Jay Chmelauskas"
President and CEO
For further information, please contact:
Camino Investor Relations
Tel: (604) 608-4513
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.
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 the closing of all or any portion of the Financing, the closing of the acquisition of Minera Maria Cecilia Ltd. and the Maria Cecilia project, the prospectivity of future exploration work on the Los Chapitos, Plata Dorada, and Maria Cecilia projects, or that actual results of exploration and engineering 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.
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