TSX Venture Symbol: COR
OTCQB Symbol: CAMZF
Frankfurt: XC01
VANCOUVER, Feb. 27, 2018 /CNW/ - Camino Minerals Corporation
("Camino" or the "Company") (COR: TSX-V) is pleased to announce
that it has completed a non-brokered private placement for gross
proceeds of $1,516,060 which will be
used to fund step out drilling at its Los Chapitos project
("Chapitos"), located in southern Peru, and for general working capital.
The non-brokered private placement consisted of 4,331,600 units
at a price of $0.35 per unit, each
unit being comprised of one common share and one non-transferable
share purchase warrant. The common shares, warrants and any shares
issued on the exercise of warrants are subject to a four-month hold
period expiring July 1,
2018. Each warrant will entitle the holder to acquire one
additional common share of the Company at a price of $0.45 per common share until August 27, 2019. The warrants are subject to an
acceleration right in favor of the Company: should the closing
price of the common shares of the Company on the TSX Venture
Exchange be $0.75 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 Company paid $49,980 in cash
and issued 142,800 warrants ("Finder`s Warrants") to finders in
respect of the placement. Each Finder's Warrant is subject to a
hold period expiring on July 1, 2018
and will be exercisable into one common share of the Company at a
price of $0.45 per share until
August 27, 2019. The Finder's
Warrants will be subject to the same acceleration clause as the
private placement warrants.
The 2016 drill program identified a significant new copper
discovery at the Adriana Zone which currently measures over 600
meters long, up to 200 m wide, and
over 300 meters deep. It is open for expansion down dip and
along trend to the northwest and southeast. The step out drill
program is expected to commence by late March, and will focus on
drilling to the northwest and testing between the Adriana Zone and
the Katty Zone which lies 1.5 kilometers to the southeast. A
summary presentation can be found on the company website at
www.caminominerals.com.
Kenneth C. McNaughton, M.A.Sc.,
P.Eng., the President and Chief Executive Officer of the Company,
is a Qualified Person (QP) and is responsible for the Chapitos
Project exploration program.
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
Cautionary Note Regarding Forward-Looking Statements and
Information
This News Release contains "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, the 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.
Forward-looking information is subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those expressed or implied
by the forward-looking information, including, without limitation,
those risks identified in the Company's annual disclosure
materials, filed with the securities regulatory authorities in
Canada and available at
www.sedar.com. Readers are encouraged to read these
materials. Prospective investors should not place undue
reliance on forward-looking information.
SOURCE Camino Minerals Corporation