Fortescue had previously acquired a strategic interest in the copper firm in May 2020 through the purchase of 27.5 million shares.
The company already has two seats on Candente’s board, filled by FMG general manager of metals Latin America, Christine Nicolau, and the head of corporate development, Jeremy Meynert.
Candente executive chairperson Giulio Bonifacio about C$3 million from the placement proceeds will be used for further development of the company’s advanced Cañariaco copper project in Peru.
The remainder will be used to repay a C$1 million loan (about $736,000) advanced by FMG in September.
The Cañariaco asset includes the Cañariaco Norte copper deposit, the Cañariaco Sur copper-gold deposit and Quebrada Verde prospect, in northern Peru.
A preliminary economic assessment for the property, released earlier this year, outlined a $1.04 billion project to produce an average 173 million pounds of copper,…
