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Collective Mining Announces Closing of $10.7 Million Bought Deal Financing
TORONTO, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that is has
About this update from Collective Mining Ltd
[{"type":"text","content":" TORONTO, Oct. 25, 2022 (GLOBE NEWSWIRE) -- 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 units of the Company (the “Units”) for aggregate gross proceeds of approximately $10.7 million (the “Offering”). The Offering was conducted by a syndicate of underwriters led by Clarus Securities Inc., and including BMO Nesbitt Burns Inc. and TD Securities Inc. (collectively, the “Underwriters”), and consisted of the sale of 4,783,400 Units (including the partial exercise of the over-allotment option) at a price of $2.25 per Unit. Each Unit was comprised of one common share in the capital of the Company (“Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $3.25 until April 25, 2024. The net proceeds from the Offering are expected to be used to fund the Company’s recommended stage two exploration programme at its Guayabales Project, and for other general corporate purposes, as more fully described in the prospectus supplement (the “Prospectus Supplement”) of the Company dated October 19, 2022. 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 $554,000. Certain directors, management and significant shareholders of the Company (the “Insiders”) purchased an aggregate of 773,500 Units 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...