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Colossus Resources Update on the Calvario and Mirador Copper Porphyry Projects in Chile and Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - April 3, 2025) - Colossus Resources Corp. (TSXV:...
About this update from Colossus Resources Corp.
[{"type":"text","content":"Colossus Resources Update on the Calvario and Mirador Copper Porphyry Projects in Chile and Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - April 3, 2025) - Colossus Resources Corp. (TSXV: CLUS) (\"Colossus\" or the \"Company\") is pleased to provide an update on the Option Agreement announced on November 16, 2023 to acquire the Calvario and Mirador Copper Porphyry projects (together the \"Projects\") in Chile. The Projects are currently 100% owned by the Austral Group comprising Austral Gold Limited and its subsidiaries Minera Mena Chile ltda and Revelo Resources Ltd.The Calvario and Mirador projects are located approximately 80 km northeast of the coastal city of La Serena in the Coquimbo Region of central-northern Chile in South America. The exploration targets within the Projects are primarily porphyry copper (+/- Molybdenum, +/- Gold) systems. The Projects lie along the southern extensions of the highly productive Paleocene magmatic belt of northern Chile. Together they form a contiguous 23km x 8km set of properties (for Project details, please refer to the November 16, 2023 corporate news release).The Option Agreement provides that the option period of two years shall commence upon completion by the Company of not less than USD$1,500,000 of financing within 90 days after the date of the Option Agreement (the \"Financing Condition\"). Due to difficult market conditions in the mineral exploration sector, the Company continues to work towards completion of the required financing. The optionor has extended the time for completion of the Financing Condition, initially to January 15, 2025 and subsequently to June 15, 2025.The Company also announces a non-brokered private placement financing of up to 75,000,000 units (the \"Units\") of securities at a price of $0.07 per Unit for aggregate gross proceeds of up to $5,250,000 (the \"Financing\"). Each Unit will be comprised of one (1) common share and one (1) common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.11 for a period of two (2) years from closing of the Financing. The expiry date of the warrants may be accelerated if the Company's common shares trade at or above $0.15 for 20 consecutive trading days following the expiry of the four month hold period.The Financing will be com...