VANCOUVER, British Columbia, Dec. 29, 2017 (GLOBE NEWSWIRE) -- Centenera Mining Corporation ("Centenera" or the "Company") - (TSXV:CT) (OTCQB:CTMIF) announces that it has closed the first tranche of its non-brokered private placement announced on November 20, 2017 (the "Financing"). In connection with the closing of the first tranche of the Financing, the Company issued a total of 5,750,556 units (each, a "Unit"), priced at $0.18 per Unit for gross proceeds of $1,035,100. The Company expects to close the second and final tranche of the Financing in early January 2018.
Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one Common Share for $0.30 for a period of 18 months from the closing of the Financing (each, a "Warrant Share"). The Warrants are subject to acceleration provisions, whereby if the closing price of the Company's Common Shares on the TSX Venture Exchange (the "TSXV") is $0.40 or greater per Common Share for a minimum of ten consecutive trading days (commencing after four months and one day from the closing of the Financing), the Warrants will expire at 4.00pm (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the Warrants.
In connection with the closing of the first tranche of the Financing, the Company paid finder's fees on a portion of the Financing to Haywood Securities Inc. ($1,575.00 and 8,750 finder’s warrants) and Carter Terry & Company ($6,300.00 and 35,000 finder’s warrants), consisting of a cash commission equal to 7% of the gross proceeds raised by each finder and finder's warrants equal to 7% of the corresponding number of Units issued. Each finder's warrant entitles the holder thereof to purchase one common share of Centenera for $0.18 for a period of 18 months from the closing of the Financing (each, a "Finder's Share"). The finder's warrants are subject to the same acceleration clause as outlined above.
The Common Shares, Warrant Shares and Finder's Shares are subject to a hold period of four-months and one day in Canada.
This news release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Esperanza Project Update
Exploration logistics at the Company's flagship Esperanza copper-gold project are moving forward on schedule. Since receipt of the drill permit (see news release dated November 20, 2017) the Company has completed road access to the project and construction of the drill camp. Drilling is expected to begin in the first week of January 2018.
About Centenera Mining Corporation
Centenera is a mineral resource company trading on the TSXV under the symbol "CT" and on the OTCQB exchange under the symbol "CTMIF". The Company is focused 100% on mineral resource assets in Argentina and intends to focus its 2018 exploration activities on drill-testing its flagship Esperanza copper-gold project. Other assets, including the Organullo gold project and the El Quemado lithium pegmatite project in Salta Province, are intended to be explored by the Company with the aim of proving project potential and attracting a joint venture partner or a project sale. The Organullo project has approximately 8,000 metres of historical drilling and assay results. Organullo has a geological target range from 19.8 million tonnes grading at 0.94 g/t gold (600,000 ounces) to 31.6 million tonnes grading 0.92 g/t gold (940,000 ounces) using a 0.5 g/t gold cut-off-grade. It should be noted that these potential exploration target quantities and grades are conceptual in nature, that insufficient exploration and geological modelling has been done to define a mineral resource, and that it is uncertain if further exploration will result in the delineation of a mineral resource.
