Business
Collective Mining Announces Closing of Investment and Early Exercise of Warrants for Gross Proceeds of C$63.4 Million
Collective Mining Announces Closing of Investment and Early Exercise of Warrants for Gross Procee...
About this update from Collective Mining Ltd
[{"type":"text","content":"\n\n\n\n Collective Mining Announces Closing of Investment and Early Exercise of Warrants for Gross Proceeds of C$63.4 Million\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n March 20, 2025\n \n\n /CNW/ -\n \n Collective Mining Ltd.\n \n (NYSE: CNL) (TSX: CNL)\n \n (\"Collective\" or the \"Company\")\n \n is pleased to announce the closing of Agnico Eagle Mines Limited's (\"Agnico Eagle\") investment in Collective pursuant to which Agnico Eagle subscribed for 4,741,984 common shares in the capital of the Company (the \"Shares\") at a price of\n \n C$11.00\n \n per Share for aggregate consideration of approximately\n \n C$52.1 million\n \n (the \"Offering\"). Concurrently with the closing of the Offering, Agnico Eagle exercised all of the common share purchase warrants of Collective (each, a \"Warrant\") it held to acquire an additional 2,250,000 Shares at a price of\n \n C$5.01\n \n per Share for aggregate consideration of\n \n C$11,272,500\n \n . On closing of the Offering and following exercise of the Warrants, Agnico Eagle's ownership interest in the Shares increased to approximately 14.99%.\n \n\n\n\n\n\n\n\n\n The proceeds from the Offering and exercise of the Warrants are expected to be used for exploration on the Company's properties in\n \n Colombia\n \n and for general working capital purposes.\n \n\n In connection with its initial investment in Collective on\n \n February 24, 2024\n \n , Agnico Eagle and Collective entered into an investor rights agreement (the \"Investor Rights Agreement\"), pursuant to which Agnico Eagle was granted certain rights, provided Agnico Eagle maintained certain ownership thresholds in Collective, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its\n \n pro rata\n \n ownership in Collective at the time of such financing or acquire up to a 9.99% ownership interest, on a partially-diluted basis, in Collective; and (b) the right to nominate one individual (and in the case of an in...