Candente Copper appoints Steven Latimer and Jeremy Meynert as administrators and arranges $1 million loan
VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Candente Copper Corp. (TSX: DNT, BVL: DNT) (“Candente Copper” or the “Company”) is pleased to announce that it has appointed Steven Latimer and Jeremy Meynert as directors of the Company, and has entered into a loan agreement with Nascent Exploration Pty Ltd (“Nascent”), a wholly owned subsidiary of Fortescue Metals Group Limited (“Fortescue”) for a loan (the “Loan”) in the aggregate principal amount of $1,000,000 for a term of 12 months at an interest rate of 10% to be repaid at maturity.
Giulio T. Bonifacio, Executive Chairman of Candente Copper, said, “I am very pleased to announce the appointments of Steven Latimer and Jeremy Meynert to the Candente Copper Board of Directors. Their collective capital markets experience in mining and their track record of value creation will contribute significantly to the future success of Candente Copper. Additionally, the loan from Fortescue, Candente Copper’s largest shareholder, demonstrates its continued support while providing the company with working capital as we evaluate various opportunities to advance the Cañariaco copper project by advancing studies. engineering and environmental studies and drilling more, which will lead to the publication of a feasibility study.”
Mr. Latimer is Managing Director and Head of Americas for Bacchus Capital Advisers, an independent investment bank specializing in the natural resources sector, based in London. Mr. Latimer has over 30 years of experience as a leading global M&A advisor and has led numerous financings for mining companies, with a focus on mining and developing copper companies. development operating in the Americas.
Mr. Latimer previously served as Managing Director and Head of Canadian Investment Banking for Jefferies and served as a Director and President of Jefferies Securities, Inc. Prior to Jefferies, Mr. Latimer was responsible for the Investment Banking practice in metals and mining from Credit Suisse.
Mr. Latimer holds the Director designation from the Institute of Corporate Directors (ICD.D), received his MBA from the Kellogg Graduate School of Management at Northwestern University and his HBA from the University of Western Ontario. . In addition, Mr. Latimer is a CFA charter holder.
Mr. Meynert is responsible for business development at Fortescue. In this role, he is responsible for Fortescue’s transactional business development activities, including managing Fortescue’s investment portfolio of publicly traded mining companies and structuring investment transactions.
Mr. Meynert was previously Head of Business Development and Investor Relations at Resolute Mining Limited, where he was responsible for corporate strategy, transactional business development, financing, external relations and communications. Previously, Meynert was Vice President of Metals and Mining Investment Banking at Citigroup, based in London and Australia.
Mr. Meynert holds a Masters in Mining Engineering (Excellence), a Bachelor of Laws (Distinction), a Bachelor of Commerce (First Class Honours) and is admitted to practice as a lawyer.
The loan constitutes a “related party transaction” for the purposes of the 61-101 Multilateral Instrument Protection of holders of minority securities in special transactions (“MI 61-101”), as Fortescue (through Nascent) owns more than 10% of the outstanding common shares of the Company. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under NI 61-101 in respect of the Loan, relying on Sections 5.5(a) and 5.7(1) (a) of NI 61-101, respectively, since the fair market value of the loan does not exceed 25% of the market capitalization of the Company determined in accordance with NI 61-101. The board of directors of the Company has approved the loan, and no materially contrary views or abstentions have been expressed or expressed by any director of the Company in this regard. The loan remains subject to the approval of the Toronto Stock Exchange.
About Candente Copper
The Company’s flagship project is the Cañariaco copper project, within which Cañariaco Norte is located, on the 10e largest late-stage copper resource in the world and 5e highest in rank (RFC Ambrian, December 2021 and Haywood, December 2021). In addition to Cañariaco Norte, the Cañariaco copper project includes the Cañariaco Sur deposit and the Quebrada Verde prospect, all in a NE-SW direction of 4 km in the prolific mining district of northern Peru.
The Company is very pleased to have Cañariaco Norte included in four research reports that compare various global copper projects. Ambrian RFC: Cañariaco Norte in the top 10 of 23 projects likely to involve third-party mergers and acquisitions (December 2021); Haywood: Cañariaco Norte is one of 18 assets selected as likely to be considered by majors seeking to acquire (December 2021); German Bank: Cañariaco Norte identified as one of three projects needed to close the next gap between copper supply and demand (February 2021); Goldman Sachs: Cañariaco Norte has identified the copper incentive price in the lowest quartile of the 84 major copper projects in the world (October 2018).
Caution Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). Forward-looking statements are generally identified by words such as: believe, expect, anticipate, intend, estimate, plan, assume and similar expressions, or are those which by their nature refer to events future. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements regarding the progress of the Loan and the acceptance thereof by the TSX. These forward-looking statements are made as of the date of this press release. Although the Company believes that the forward-looking statements contained in this press release are reasonable, it cannot guarantee that the expectations and assumptions contained in these statements will prove to be correct. The Company cautions investors that the Company’s forward-looking statements are not guarantees of future results or performance and are subject to risks, uncertainties, assumptions and other factors that could cause events or results differ materially from those expressed or implied by such forward-looking statements. These factors and assumptions include, among others, obtaining regulatory approvals, changes in market conditions; metal prices; other prices and costs; exchange rate; the ability of the Company to obtain all permits, consents or authorizations necessary for its activities; the Company’s ability to access additional financing and to produce minerals from its properties successfully or profitably, to continue its anticipated growth or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.
Known risk factors include risks associated with exploration and project development; the need for additional funding; calculation of mineral resources; operational risks associated with mining and mineral processing; metal price fluctuations; the title matters; government regulations; obtain and renew necessary licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labor disputes; competition; dilution; volatility in the price and volume of our common stock; future sales of shares by existing shareholders; and other risk factors described in the Company’s Annual Information Form and in other documents filed with Canadian securities regulators, which may be viewed at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actual actions, events or results are not those anticipated, estimated or intended. . There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake no obligation to update or change any forward-looking statements, except as required by applicable securities laws.
On behalf of the Board of Directors of Candente Copper Corp.
Giulio T. BonifacioExecutive Chairman
For more information, please contact:
Giulio T. Bonifacio
+1 604 318-6760