Camino Minerals Corporation has completed its previously announced private placements, securing aggregate gross proceeds of C$15,223,109 to fund South American copper exploration, meet joint venture obligations, and settle outstanding debt.

The financing package combines a brokered equity offering and a non-brokered debt placement. Camino closed the brokered private placement of 13,800,000 units at C$0.42 per unit for gross proceeds of C$5,796,000. Each unit consists of one common share and one-half of a common share purchase warrant, with whole warrants exercisable at C$0.55 until August 26, 2028. Paradigm Capital Inc. and Raymond James Ltd. acted as co-lead agents, earning a cash commission of C$338,108.40 and 805,020 broker warrants exercisable at C$0.42 per share until August 26, 2028.

Concurrently, Camino closed a non-brokered private placement of unsecured convertible debentures yielding gross proceeds of C$9,427,109. The debentures carry a 10.0% annual interest rate—capitalized quarterly in arrears—and mature on August 26, 2029, with a conversion price of C$0.48 per common share available to holders prior to August 26, 2031.

Santiago Holdco, an affiliate advised by Denham Capital Management LP, acquired the entirety of the convertible debentures. Holding approximately 40.8% of Camino's common shares prior to the offering, Santiago Holdco and its joint actors now control approximately 35.4% of the company on a non-diluted basis, or approximately 46.0% on a partially diluted basis assuming the exercise of warrants and conversion of debentures.

Net proceeds from the brokered offering will be deployed to satisfy joint venture cash calls for the Puquios Copper Project, fund exploration and drilling at the Costa de Cobre Project in Peru over the 12-month period following closing, and advance exploration and permitting across Camino's other Peruvian assets. Proceeds from the convertible debentures will clear deferred contingent payments owed to vendors under an October 2024 share purchase agreement, pay extension fees to Santiago Holdco, and discharge the principal and interest on an outstanding April 2025 term loan held with Santiago Holdco.

Read the full announcement: Camino Closes $5.8 Million Brokered Private Placement of Units and Concurrent $9.4 Million Non-Brokered Private Placement of Convertible Debentures