One whole warrant permits the holder to purchase one common share of the Company at a price of $1.65 until December 7th, 2007, however, this period will be shortened if the common shares of the Company trade above the exercise price for 30 consecutive trading days. The common shares issued in this placement will be subject to a four-month hold period. The Company has paid finder's fees in cash equal to 2.8% of the total value of the gross proceeds raised. The net proceeds of the private placement will be used for funding exploration and development activities on the Company's mineral properties and for general corporate purposes.
On another matter, the Company has scheduled an Extraordinary General Meeting (EGM) on February 12th, 2007 to approve the Shareholder Rights Plan and to continue the Company from the federal jurisdiction to British Columbia and to seek shareholder approval of any other business or matter that may occur in the interim.
Candente is a diversified copper and gold exploration company with gold, silver, copper and zinc projects in Peru and Mexico, including an advanced exploration stage leachable copper project, Cañariaco Norte. The Canariaco Norte Deposit is a leachable copper project which as of June 26th, 2006 (News Release 170) was estimated to have a potential cash flow of approximately $1.9B at $2.00/lb Cu. Since that time, additional drilling has shown a substantial increase to the size of the deposit.
Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities.
For further information please contact Kelly Gray at: (604) 689-1957 or toll free 1-877-689-1964; or info@candente.com www.candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
Release No. 189
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Candente relies upon litigation protection for forward-looking statements.