Candorado Operating Company Ltd.

Candorado Operating Company Ltd.

November 27, 2007 18:18 ET

Candorado Operating Company Ltd. Closes Its 1,824,332 Unit Non Brokered Private Placement

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2007) - Candorado Operating Company Ltd. ("Candorado" or the "Company") (TSX VENTURE:CDO) (FRANKFURT:HQU) (BERLIN:HQU) is pleased to announce it has received TSX Venture Exchange ("TSX-VE") final approval for a non brokered private placement of 1,824,332 units ("Units") at a price of $0.45 per unit for total proceeds of $820,949.

Each Unit consists of one "flow-through" common share plus one-half of one warrant. One full warrant entitles the investor to purchase one non "flow-through" common share for a period of 24 months from the closing date of November 14, 2007 at a price of $0.60 per share. The investors in 1,333,332 of the Units are through MineralFields Group (a division of Pathway Asset Management).

The Company paid a 4% cash finder's fee to First Canadian Securities ®, a division of Limited Market Dealer Inc. and granted options equal to 9% of the Units purchased by the investors through Mineralfields. The Company confirms each option is exercisable for two years at a price of $0.45 for one unit with the same terms as above (not $0.60 as was previously announced in error in the Company's news release of October 19, 2007). An 8% cash finder's fee has been paid to Carl Jones on 445,000 units purchased and to First Canada Capital Partners on 23,000 units purchased.

The proceeds of this private placement will be used to fund the Company's ongoing exploration programs on its British Columbia properties.

In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to a "hold period" of four months plus one day from closing.

"We are very pleased to be continuing to build our relationship with MineralFields Group", said Rene Bernard, President. "This is an important milestone in the growth of Candorado Operating Company Ltd. and we look forward to working with MineralFields Group as we develop our holdings in British Columbia."

About Candorado

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 ®

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 First Canadian Securities®, 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.

Rene Bernard, President

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.

Contact Information

  • Candorado Operating Company Ltd.
    Rene Bernard
    (250) 979-2595
    (250) 860-2957 (FAX)
    Candorado Operating Company Ltd.
    Daniel Gallagher
    Investor Relations
    (250) 979-2595
    (250) 860-2957 (FAX)