Toronto-listed Candente Copper, which will change its name to Alta Copper on Friday, has closed a nonbrokered private placement with Whittle Equity and Nascent Exploration, a wholly owned subsidiary of Australian miner Fortescue Metals.
A total of 4.76-million shares were issued at C$0.18 each for gross proceeds of C$867 120.
Candente said it would use the proceeds of the placement for working capital and for an updated preliminary economic assessment (PEA) for its Cañariaco copper project, in Peru.
“We are very excited about the upcoming introduction of Alta Copper, an emerging copper developer advancing with the global shift toward electrification and decarbonization, and an updated PEA on Cañariaco where several opportunities to further improve already robust project economics have been identified as well as carbon neutralisation and further environmental, social and governance benefits,” commented president and CEO Joanne Freeze.