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COPYRIGHT 2002 PR Newswire Association LLC
DNT:TSX-Ven
Candente Resource Corp. (the Company) reports the following highlights from the Third Quarter of 2002:
The Company is a mineral exploration company focusing on gold and copper exploration in Peru and Eastern Canada. The Company operates in Peru through Cia. Minera Oro Candente S.A. and in Newfoundland through Candente Vinland Inc.
On May 22nd, 2002 the Company agreed, subject to regulatory approval, to a Non Brokered Private Placement in order to raise proceeds of $292,500 by issuing 650,000 units at $0.45 per unit. Each unit comprised one share and one half non-transferable share purchase warrant. One whole non-transferable share purchase warrant allows the placee to purchase one previously un-issued share of the Company at a price of $0.55 per Share during the first twelve months and $0.60 per Share during the second twelve months. A total of 470,000 units will entitle the placees to receive flow-through benefits. All securities will be subject to a four-month hold period. The flow-through funds will be used for general working capital and exploration programs on the Company's gold properties in Newfoundland and the remaining funds for general working capital and exploration in Peru.
On July 10th, the Company agreed, subject to regulatory consent, to a Non- Brokered Private Placement to raise a total of $1,200,000 by issuing 2,000,000 shares at $0.60. The financing will not include warrants nor flow-through tax credits. The funds will be used for general working capital and exploration of the Company's gold properties in Peru.
On October 22nd, the Prudent Bear Fund exercised 382,850 Warrants @ $0.25 and 1,200,000 Warrants @ $0.20 for net proceeds of Canadian $335,712.50 (US$212,272). In addition to previous investments, the Prudent Bear Fund now holds 4,188,550 shares of the Company, which is 19.8% of the total issued and outstanding shares of the Company. These shares were acquired for investment purposes. The Fund also holds a total of 505,000 Warrants of the Company (370,000 exercisable @ $0.20 if exercised by January 31, 2003 or @ $0.25 if exercised by January 31, 2004 and 135,000 exercisable @ $0.44 if exercised by May 16, 2003...
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