Candente Copper Announces Voting Results From Special Meeting of Shareholders

VANCOUVER, British Columbia, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Candente Copper Corp. (TSX:DNT, BVL:DNT) (“Candente Copper” or the “Company”) is pleased to announce that at the Special Meeting of Shareholders of the Company held on January 31, 2023 (the “Special Meeting”), the disinterested shareholders of the Company have approved the $4,000,000 private placement through the issuance of 22,222,222 common shares of the company at a price of $0.18 per share (the “Private Placement”) with Nascent Exploration Pty. Ltd., a wholly owned subsidiary of Fortescue Metals Group Ltd. (“Fortescue”), as previously announced by the Company in the press releases dated December 14, 2022 and January 9, 2023.

A total of 85,214,269 common shares of the Company, representing 31.20% of the Company’s outstanding common shares, were represented at the Special Meeting. A total of 78,735,458 common shares (92.4%) voted in favour of the Private Placement with Fortescue while a total of 6,478,811 common shares (7.6%) voted against. The Private Placement was required to be approved by over 50% of the votes cast by disinterested shareholders at the Special Meeting, excluding Fortescue.

The Company anticipates that it will complete the Private Placement on or about February 6, 2023. The Private Placement is subject to the final approval of the Toronto Stock Exchange.

About Candente Copper

Candente Copper is focused on the development of its 100-per-cent owned Cañariaco advanced staged copper project. Cañariaco comprises 90 square kilometers of highly prospective land located 150 kilometers northeast of the City of Chiclayo, Peru, which include the Cañariaco Norte deposit, Cañariaco Sur deposit and Quebrada Verde prospect, all within a 4km NE-SW trend in northern Peru’s prolific mining district. Cañariaco is one of the largest copper deposits in the Americas not held by a major.

The company's Preliminary Economic Assessment (“PEA”), delivered March 15, 2022, highlights that the Cañariaco Norte deposit has a measured and indicated resource containing 9.3 billion pounds; 2.1 million ounces of gold and 59.4 million ounces of silver within 1.09 billion tonnes with a copper equivalent grade of 0.42% and a further 2.7 billion pounds of copper; 540,000 ounces of gold and 18.1 million ounces of silver within 411 tonnes with a copper equivalent grade of 0.32%.