Candelaria Mining Corp (CVE:CAND) (OTCPINK:CDELF) reported that it will not be proceeding with its proposed brokered private placement, which would have raised up to C$25 million at a price of $0.45 per unit.
The company said it is currently considering alternate forms of funding.
Candelaria Mining is a gold-focused explorer, whose flagship asset is the 198 square kilometres (sq km) Caballo Blanco project, which lies on the eastern coast of mining-friendly Mexico.
READ: Candelaria Mining looking to bring two exciting projects into production in Mexico
It also holds the fully permitted Pinos underground gold development project, which spans 3,816 hectares, in Zacatecas, which is the second biggest gold-producing state in Mexico after Sonora.
The company said its primary goals are to begin production at Pinos and increase the resources at Caballo where seven 'high impact' targets have already been identified.
Caballo boasts an NI 43-101 Indicated resource of 521,000 ounces of gold and 2.17 million ounces of silver, while the Inferred category holds 95,000 ounces of gold and 590,000 ounces of silver. The project is seen as a simple open-pit heap leach operation and there is potential to increase resources via continued drilling and exploration.
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