Camino Closes Private Placement of $7.5M
Camino Closes Private Placement of $7.5M
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2021) - Camino Minerals Corporation (TSXV:
COR) (OTC: CAMZF) (WKN: A116E1) ("
Camino
" or the "
Company
") is pleased to announce that it
has closed its non-brokered private placement for gross proceeds of $7,500,000 (the "
Financing
").
Proceeds of the Financing will be used for corporate purposes and to advance exploration at Camino's
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 releases issued
March 30, 2021
, and
May 3, 2021
), and the Plata Dorada high-
grade copper and silver project. The Financing, which was previously announced in the Company's news
releases on
April 29, 2021
, and
May 3, 2021
, was largely subscribed for by institutional investors.
"Camino is positioned to drill some significant geological systems at Los Chapitos and Maria Cecilia in
2021 that we believe have large copper discovery potential," said Jay Chmelauskas, CEO and
President of Camino. "The Financing was over-subscribed.
We are starting to witness major miners
seeking to secure new sources of copper on earlier stage exploration and development projects in the
copper sector.
Our strategy over the past year to develop our copper business has given us a very good
start ahead of a copper market with strong fundamentals."
The Financing consisted of 44,117,647 million units (each, a "
Unit
") at a price of $0.17 per Unit. Each
Unit consists of one common share in the capital of the Company and half a non-transferable common
share purchase warrant (each whole warrant, "
Warrant
"). Each Warrant entitles the holder to acquire an
additional common share of the Company at a price of $0.25 per common share until May 18, 2023.
Camino has paid finders' fees of C$314,880 in cash and issued 1,283,620 finders' warrants which
entitle the holder to acquire one common share of the Company at a price of $0.25 per common share
until May 18, 2023. Such finders' fees were paid in accordance with the policies of the TSX Venture
Exchange. All securities issued in connection with the Financing will be subject to a hold period expiring
September 19, 2021.
Certain insiders acquired an aggregate of 5,882,350 Units in the Financing, and as such, the Financing
is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("
MI 61-101
").
Camino has relied on exemptions from the valuation and minority shareholder approval requirements of
MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insiders' participation
in the Financing, as such participation in the Financing does not exceed 25% of the Company's market
capitalization.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/84507