Camino Minerals to Raise $1 Million to Fund Diamond Drill Program at Red Beds Copper-Silver Project
26 May, 2015, 09:00 ET
TSX Venture Symbol: COR
VANCOUVER, May 26, 2015 /CNW/ - Camino Minerals Corporation ("Camino" or the "Company") (COR: TSX-V) wishes to announce that it intends to raise up to $1,000,000 to fund a diamond drill program at its Red Beds high grade copper-silver project, Department of Cuzco, Peru by way of a private placement.
The non-brokered private placement will consist of up to 5,000,000 units at a price of $0.20 per unit for aggregate proceeds of up to $1,000,000. Each unit will consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.25 per common share for a period of 18 months after the closing date of the private placement. The warrants will be subject to an acceleration right in favour of the Company: should the closing price of the common shares of the Company on the TSX Venture Exchange be $0.35 or higher for ten consecutive trading days, the Company will be entitled to accelerate the expiry of the warrants to the date that is 30 business days from the date of the issuance of a news release by the Company announcing the exercise of the acceleration right.
The securities issued under the offering will be subject to a hold period of four months and finders' fees may be payable in connection with the issuance of the securities. The private placement is subject to applicable regulatory approvals, including the approval of the TSX Venture Exchange.
Net proceeds of the private placement will be used to fund ongoing exploration, including a diamond drill program at the Red Beds Project, and for general working capital.
The Red Beds Project is a high grade, sediment hosted copper-silver deposit. A series of sub-parallel sedimentary beds have been identified with mineralization exposed over strike lengths of 1 to 5 kilometers. Typical of this type of deposit, the beds range in thickness from 0.4 meters to 3.0 meters, and contain copper values generally between 0.5% and 4%, but with local values ranging up to +10%.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high grade copper and precious metal projects.
For more information, please refer to Camino's website at www.caminominerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements and Information
This News Release may contain "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our planned exploration activities, the adequacy of our financial resources, the estimation of mineral reserves and resources, results of future exploration and drilling. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Such forward-looking statements and information are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, our ability to raise sufficient capital to fund exploration, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in the countries in which we hold mineral properties, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in our filings on SEDAR. We do not assume any obligation to update forward-looking statements and information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking statements and information.
SOURCE Camino Minerals Corporation
For further information: and investor inquiries, contact: Ken McNaughton, President and Chief Executive Officer, Phone (604) 566-8778, [email protected], http://www.caminominerals.com
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