Candente Gold advises closing of Private Placement and Name Change to Xali Gold Corp.
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Candente Gold advises closing of Private Placement and
Name Change to Xali Gold Corp.
Vancouver, British Columbia, November 23 , 2020. Candente Gold Corp. (TSXV:CDG ) ("Candente Gold”
and/or the “Company”) is pleased to report that it has closed the non -brokered Private Placement (the
“Private Placement”) previously announced (November 5 th, 2020) of 4,000,000 common shares (the
“Shares”) at a price of $0.05 per Share, raising a total of $200,000.
The Company also advises the decision of a name change to Xali Gold Corp. (pronounced “Chali”). Xali is
known as a spiritual being that is a creative genius, stands up for its beliefs, is passionate and persistent in
achieving its goals. Xali is also a popular Nahuatl (Aztecan language) name for Sand, considered as a strong
foundation and transition between water and land representing the importance of water and the fertility of
land. The change of name, trading symbol, CUSIP number a nd website is expected to take approximately
two weeks, however, the Company will advise once known as the change of name is subject to the Company’s
filing requirements with the TSX Venture Exchange (“TSXV”).
The Company intends to use the net proceeds of the Private Placement to advance development of its near
term gold production and near surface exploration opportunities while advancing drill targets on the El Oro
project, its fla gship asset , and for general working capital purposes. The Shares issued pursuant to the
Private Placement will be subject to a hold period of four months and a day from the date of closing. Finder
fees of $2,450 were paid.
Joanne Freeze, President and CEO, a control person of the Company , subscribe d for 2,150,000 shares
which is 53.75% of the Private Placement. In connection with the Private Placement, Ms. Freeze completed
a cross distribution, whereby she sold 2,150,000 Sh ares from her holdings in pre -arranged trades (the
“Cross”) over the facilities of the TSX V. Ms. Freeze has used 100% of the proceeds from the Cross to
subscribe for Shares in the Private Placement. The price of the Cross was $0.05 and was in the context of
the market. In addition to Ms. Freeze, there are three other subscribers whom the Company welcomes as
new strategic investors, who will be instrumental in assisting us deliver on our new growth strategy.
The Private Placement remains subject to all necessary regulatory approvals, including the final approval
of the TSXV.
The issuance of Shares to Ms. Freeze pursuant to the Private Placement is considered to be a related party
transaction subject to TSXV Policy 5.9 and Multilateral Instrument 61- 101. Ms. Freeze intends to rely on
exemptions from the formal valuation and minority shareholder approval requirem ents provided under
sections 5.5(a) and 5.7(a) of Multilateral Instrument 61 -101 on the basis that participation in the Private
Placement by Ms. Freeze will not exceed 25% of the fair market value of Candente Gold Corp’s market
capitalization. The Private Placement has been approved by the board of directors of the Company.
About Candente Gold
Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform
and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship
asset and an integral part of the overall gr owth strategy. The acquisition of the SDA Plant, the El Dorado
historic mines and the Cocula Project signify important initial steps.
The financial benefits from Western Mexico operations and the addition of specialized personnel will
translate across platforms to strengthen the Company’s efforts to explore and potentially mine areas
NEWS RELEASE
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demonstrated to contain mineralization of value . The Company is currently evaluating other properties
that are complementary to the SDA plant, El Dorado and the Cocula Project.
El Oro is a district scale gold project encompassing a well -known prolific high-grade gold dominant gold -
silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than
57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were
reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No.
37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*)
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold
excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael
Vein, which was mined to an average depth of only 200 metres.
Joanne C. Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations
and Director are Qualified Persons as defined by National Instrument 43 -101 for the projects discussed
above, however, they have not been able to visit the El Dorado or Cocula Projects nor the SDA Plant recently
due to COVID virus travel restrictions. The work discussed in the News Release is either historical and
documented by public records or conducted by Mexican professionals with q ualifications similar to those
of QP’s registered in Canada. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this
release.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy
or accuracy of this release.
Forward-looking Information
This news release may contain forward -looking information (as such term is defined under Canadian
securities laws) including but not limited to information regarding the potential for and other statements
that are not historical facts. While such forward -looking information is expressed by Candente Gold in
good faith and believed by Candente Gold to have a reasonable basis, they address future events and
conditions and are therefore subject to inheren t risks and uncertainties including those set out in
Candente Gold’s MD&A. Factors that cause the actual results to differ materially from those in forward-
looking information include, without limitation, gold prices, results of exploration and developmen t
activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of
government approvals, potential environmental issues, availability of capital and financing and general
economic, market or business conditions. Cand ente Gold expressly disclaims any intention or obligation
to update or revise any forward -looking information, whether as a result of new information, future
events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Candente Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director
For further information please contact:
Joanne Freeze
President & CEO
Tel: + 1 (604) 689-1957
NR 090