Candelaria Mining Corp (CVE:CAND) (OTCMKTS:CDELF) announced Friday a private-placement financing plan to raise more than C$1 million.
In a statement, the company said it has received subscriptions for an offering of 4,237,042 units at a subscription price of C$0.25.
Each unit will consist of one common share of the company and one-half of one common share purchase warrant which will entitle the holder to purchase one common share at a price of C$0.40 for a period of three years following the closing of the private placement.
READ: Candelaria Mining has two exciting gold projects in mining-friendly Mexico
Candelaria said it intends to use the proceeds of the private placement for general working capital.
Directors and officers of the company have collectively subscribed for 2,488,242 units in the private placement.
Candelaria is a Canadian-based gold-focused explorer, whose flagship project is Caballo Blanco, which lies on the eastern coast of Mexico, 65 kilometers northwest of the city of Veracruz.
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