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Camino Minerals (TSXV:COR) announced it has completed a non-brokered private placement for gross proceeds of $800,000. Proceeds will be used to fund an initial drill program at Camino’s Red Beds project in Peru.
Camino Minerals (TSXV:COR) announced it has completed a non-brokered private placement for gross proceeds of $800,000. Proceeds will be used to fund an initial drill program at Camino’s Red Beds project in Peru.
As quoted in the press release:
The non-brokered private placement consisted of 4,000,000 units at a price of $0.20 per unit, each unit being comprised of one common share and one non-transferable share purchase warrant. The common shares are subject to a four month period expiring November 18, 2015. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.25 per common share until January 17, 2017. The warrants are subject to an acceleration right in favour of the Company: should the closing price of the common shares of the Company on the TSX Venture Exchange be $0.35 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 Red Beds Project is a sediment hosted copper deposit. Prospecting and channel sampling have currently defined 12 beds of high grade copper-silver mineralization. These beds have an exposed cumulative strike extent in excess of 25 kilometers, range in width from 0.3 to 3.0 meters, and generally range in grade from 0.5% to 5% copper, with 10 to 50 grams per tonne silver. Local values range up to +10% copper and +100 grams per tonne silver, with one high grade lens returning a value of 28% copper and 741 grams per tonne silver.