Vancouver, British Columbia – May 5, 2016 – Javier Reyes announces that he has acquired an aggregate of 13,500,000 common shares of Candelaria Mining Corp. (the “Company”). The 13,500,000 common shares of the Company represent approximately 12.2% of the issued and outstanding common shares of the Company, and were acquired by Credipresto SA de CV SOFOM (“Credipresto”), a company controlled by Mr. Reyes.
As a result of the forgoing acquisition, Mr. Reyes has direct and indirect control and direction over a total of 30,540,000 common shares of the Issuer representing approximately 27.6% of the issued and outstanding common shares of the Issuer on an undiluted basis, and securities (warrants) convertible into 3,000,000 common shares of the Issuer. 27,700,000 of these common shares and the 3,000,000 share purchase warrants are owned by Credipresto, and 2,840,000 of these common shares are owned by Antares. If Mr. Reyes were to exercise all of the warrants, he would then control a total of 33,540,000 common shares of the Issuer representing approximately 29.5% of the issued and outstanding common shares of the Issuer on a partially diluted basis assuming that no other common shares of the Issuer have been issued.
The 13,500,000 common shares were acquired pursuant to a private placement at a price of $0.05 per common share.
The securities acquired will be held for investment purposes. Mr. Reyes may, depending on market and other conditions, increase or decrease its beneficial ownership of the Company’s securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This press release is issued pursuant to Multilateral Instrument 62-104 and a report respecting the above acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing at www.sedar.com.
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