Fortescue Metals Exercises Pre-Emptive Right

VANCOUVER, British Columbia, May 17, 2023 (GLOBE NEWSWIRE) -- Candente Copper Corp. (TSX: DNT; OTCQB: DNCUF; BVL: DNT) (“Candente Copper” or the “Company”) is pleased to announce that Fortescue Metals Group Ltd. (“Fortescue Metals”), has exercised their pre-emptive right to maintain their shareholder’s interest.

As previously announced by the Company on April 27, 2023, the Company arranged a Private Placement with Whittle Equity Pty Ltd. (“Whittle”) to raise gross proceeds of $500,000 through the issuance of 2,777,777 Common Shares at a premium to market purchase price of $0.18 per Common Share.

As a result of the private placement with Whittle, Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Metals has exercised their pre-emptive right to subscribe for 1,984,000 Common Shares at a purchase price of $0.18 per Common Share for a total purchase price of $357,120 to maintain their shareholder’s interest at 25.4%.

Closing of the private placement with Whittle and Fortescue Metals is subject to the approval of the Toronto Stock Exchange and expected to occur on or before May 26, 2023. All securities issued in the private placement will be subject to a four month hold period.

Giulio T. Bonifacio, Executive Chair of Candente Copper, commented: “The private placement with Whittle and Fortescue Metals at $0.18 per Common Share represent a significant premium of 38% to the market close on May 16, 2023, while continuing to demonstrate third-party endorsement of the investment merits of Candente Copper. Furthermore, we welcome the ongoing and continued support of our largest shareholder.”

Name Change to Alta Copper Corp. and Share Consolidation

As previously announced, the name change to Alta Copper Corp. is advancing and expected to occur prior to the end of May and is intended to reflect what will be the next exciting stage in the Company’s development and strategy which will further align with the global shift towards electrification and decarbonization.

The share consolidation is primarily focused on gaining access to a broader pool of institutional investors by meeting the investment criteria for several institutional investors and investment funds and will have no impact on the investment merits of Candente Copper as the Company’s business and operations remain unchanged other than the change in the number of issued and outstanding common shares. The consolidation will not affect any shareholder’s percentage ownership in the Company or voting rights.