Candelaria Mining Corp said it has closed the second and final tranche of its non-brokered private placement, issuing 1,136,997 company units for C$0.45 per unit to raise gross proceeds of C$5.1 million.
The Vancouver, British Columbia-based explorer company said that the gross proceeds raised in the final offering will be used for general corporate purposes.
Each unit offered comprised one common share of the company and one-half of a common share purchase warrant, with each full warrant entitling the holder to acquire one common share at a price of C$0.65 for the next 36 months after the closing of the offering.
READ: Candelaria Mining closes the first tranche of its upsized C$9.3M private placement
Candelaria CEO Mike Struthers and COO Armando Alexandri subscribed for 91,111 units ($41,000), and 622,222 units ($280,000), respectively.
Combined with the first tranche, which closed on September 22, 2021, the total proceeds raised were C$8,441,770, with a total issuance of 18,759,491 units.
The original regulatory deadline for the closing of the final offering was October 7, 2021, but the company had obtained regulatory approval to extend it to October 29, 2021.
Candelaria is a gold-focused explorer, with its flagship project Caballo Blanco, situated in the 198 square kilometers on the eastern coast of mining-friendly Mexico.
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.
Contact Ritika at ritika@proactiveinvestors.com