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Collective Mining Announces Closing of C$30 Million Bought Deal Financing
TORONTO, March 22, 2023 /CNW/ - Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) ("Collective" or the "Company") is pleased to announce that is has closed its
About this update from Collective Mining Ltd
[{"type":"text","content":" TORONTO, March 22, 2023 /CNW/ - Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (\"Collective\" or the \"Company\") is pleased to announce that is has closed its previously announced \"bought deal\" offering of common shares of the Company (the \"Shares\") for aggregate gross proceeds of approximately C$30 million (the \"Offering\"). The Offering was conducted by a syndicate of underwriters co-led by BMO Capital Markets and Clarus Securities Inc., and including Canaccord Genuity Corp., Cormark Securities Inc. and PI Financial Corp. (collectively, the \"Underwriters\"), and consisted of the sale of 7,060,000 Shares at a price of C$4.25 per Share. The net proceeds from the Offering are expected to be used to fund ongoing work programs to advance the Guayabales Project, to pursue other exploration and development opportunities, and for working capital and general corporate purposes, as more fully described in the prospectus supplement (the \"Prospectus Supplement\") of the Company dated March 17, 2023. The securities issued pursuant to the Offering were qualified for distribution pursuant to the Prospectus Supplement and a short form base shelf prospectus (the \"Base Shelf Prospectus\") dated November 9, 2021, filed in each of the provinces and territories of Canada, other than Quebec, and offered and sold elsewhere outside of Canada on a private placement basis. The Prospectus Supplement, Base Shelf Prospectus, and the documents incorporated by reference therein, are available on the Company's issuer profile on SEDAR at www.sedar.com. In connection with the completion of the Offering, the Underwriters received a cash commission of approximately C$1.789 million. Certain officers and directors of the Company (collectively, the \"Insiders\") purchased an aggregate of 117,730 Shares pursuant to the Offering. Participation by the Insiders in the Offering was considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders' participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report in connection with the participation of Insiders i...