TRADING ON THE TSX.V: SYMBOL: CDO
KELOWNA, BC, March 6 /CNW Telbec/ - Candorado Operating Company Ltd. (the
"Company") (TSX VENTURE: "CDO" FRANKFURT/BERLIN:"HQU") is pleased to announce
it has arranged a non brokered private placement for up to 1,000,000 units
("FT Units") at a price of $0.50 per FT Unit for total proceeds of up to
$500,000. Each FT Unit will consist of one "flow-though" common share plus one
share purchase warrant entitling the investor to purchase one non
"flow-though" common share for a period of 12 months at a price of $0.65 per
share. The investors are through MineralFields Group (a division of Pathway
Asset Management). This will be the third financing that MineralFields will do
with the Company.
Limited Market Dealer Inc. will receive a 4% cash finder's fee as well as
options equal to 9% of the purchased FT Units. Each option will be exercisable
for two years at a price of $0.65 for one FT Unit with same terms as above.
In addition the Company announces a non brokered private placement for up
to 1,600,000 units ("Units") at a price of $0.50 per Unit for total proceeds
of $800,000. Each Unit will consist of one "flow-through" common share and one
common share purchase warrant. Each common share purchase warrant entitles the
holder to purchase one non "flow-through" common share of Candorado for a
period of 12 months with an exercise price of $0.65 per share. The Company may
pay finders fees in accordance with the policies of the TSX-Venture Exchange
("TSX-VE") in cash, common shares or warrants on this financing.
The proceeds of this private placement will be used to fund the Company's
ongoing drilling and airborne exploration programs on its central British
Columbia properties. The Company advises a 25% tax credit may be available
should it conduct exploration work in the pine beetle affected area of British
Columbia and should this be the case a portion of the financing may qualify
for the additional tax credit.
The private placement is subject to TSX-VE approval and in accordance
with the securities legislation currently in effect, the shares will be
subject to a "hold period" of four months and one day from the date of
issuance and closing.
Candorado is one of British Columbia's largest mineral rights land holder
with its copper/gold porphyry targets within the Quesnel Trough in Central
British Columbia, the Serb Creek molybdenum deposit, the Eldorado property
next to the BC Metal's Red Chris copper porphyry deposit and the Pitt Island
VMS prospect all located in Northern British Columbia.
About MineralFields and Pathway
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com
ON BEHALF OF THE BOARD OF DIRECTORS of Candorado Operating Company Ltd.
The statements made in this News Release may contain certain
forward-looking statements. Actual events or results may differ
from the Company's expectations. Certain risk factors
may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this Release.
For further information:
For further information: Candorado Operating Company Ltd.: Rene Bernard,
(250) 979-2590, Fax: (250) 860-2950, www.candorado.com; Renmark Financial
Communications Inc.: Barry Mire: email@example.com; Christine
Stewart: firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717,