KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2007) - Candorado Operating Company Ltd. ("Candorado" or the "Company") (TSX VENTURE:CDO) (FRANKFURT:HQU) (BERLIN:HQU) is pleased to announce it has arranged a non brokered private placement of 1,777,778 units ("FT Units") at a price of $0.45 per FT Unit for total proceeds of $800,000. Each FT Unit will consist of one "flow-through" common share plus one half of one share purchase warrant. One whole share purchase warrant entitles the investor to purchase one non "flow-through" common share for a period of 24 months at a price of $0.60 per share. The MineralFields Group will be subscribing for up to 1,333,333 units of the offering. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.
First Canadian Securities (R), a division of Limited Market Dealer Inc. will receive a 4% cash finder's fee as well as options equal to 9% of the purchased FT Units by MineralFields investors. Each option will be exercisable for 24 months at a price of $0.60 for one Unit on the same terms as the subscriber's Units.
The proceeds of this private placement will be used to fund the Company's ongoing exploration programs on its British Columbia properties.
The private placement is subject to TSX-Venture Exchange approval and in accordance with the securities legislation currently in effect, the shares will be subject to a "hold period" of four months and one day from the date of issuance and closing.
Candorado is one of British Columbia's largest mineral rights land holder with its copper/gold porphyry targets within the Quesnel Trough in Central British Columbia. Further properties include the Serb Creek molybdenum deposit, the Eldorado property next to the BC Metal's Red Chris copper porphyry deposit and the Pitt Island VMS prospect all located in Northern British Columbia.
About MineralFields, Pathway and First Canadian Securities (R)
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(R), a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar)on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.
ON BEHALF OF THE BOARD OF DIRECTORS of
Candorado Operating Company Ltd.
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
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