Camino Minerals Corp. (Camino) has completed a non-brokered private placement for gross proceeds of CAN$1 516 060 which will be used to fund step out drilling at its Los Chapitos project, located in southern Peru, and for general working capital.
According to Camino, the non-brokered private placement consisted of 4 331 600 units at a price of CAN$0.35 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 1st July 2018.
Each warrant will entitle the holder to acquire one additional common share of the company at a price of CAN$0.45 per common share until 27th August 2019. 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 CAN$0.75 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 CAN$49 980 in cash and issued 142 800 warrants (Finder`s Warrants) to finders in respect of the placement. Each Finder’s Warrant is subject to a hold period expiring on 1st July 2018 and will be exercisable into one common share of the company at a price of CAN$0.45 per share until 27th August 2019. The Finder’s Warrants will be subject to the same acceleration clause as the private placement warrants.
The 2016 drill programme at the company’s Los Chapitos project identified a significant new copper discovery at the Adriana Zone which currently measures over 600 m long, up to 200 m wide, and over 300 m deep. It is open for expansion down dip and along trend to the northwest and southeast. Camino expects the step out drill programme to commence by late March, and will focus on drilling to the northwest and testing between the Adriana Zone and the Katty Zone which lies 1.5 km to the southeast.