Business
Quimbaya Gold Closes C$1.01 Million Private Placement Financing
VANCOUVER, BC, Aug. 9, 2023 /CNW/ - Quimbaya Gold Inc. (CSE: QIM) ("Quimbaya" or the "Company") is pleased to announce that it has completed a non-brokered priv
About this update from Quimbaya Gold Inc
[{"type":"text","content":" VANCOUVER, BC, Aug. 9, 2023 /CNW/ - Quimbaya Gold Inc. (CSE: QIM) (\"Quimbaya\" or the \"Company\") is pleased to announce that it has completed a non-brokered private placement offering of 2,261,782 common shares of the Company (\"Common Shares\") at a price of $0.45 per Common Share for aggregate gross proceeds of $1,017,799.70 (the \"Offering\"). The completion of the Offering will be subject to Canadian Securities Exchange acceptance. The Common Shares have a hold period of four months and one day from the date of issue. No finder's fees were paid in connection with the Offering. The net proceeds of the Offering will be used by the Company for exploration and working capital. Certain insiders of the Company, Jean-Luc Peyrot (Director), Alexandre P. Boivin (President, Chief Executive Officer and Director), and Alexandre Lambert de Beaulieu (Corporate Secretary and Director), participated in the Offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction will be exempt from minority approval and valuation requirements pursuant to the exemptions contained in Section 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the Offering nor the consideration to be paid by insiders will exceed 25% of the Company's market capitalization. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the \"U.S. Securities Act\"), or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to any U.S. person absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. \"United States\" and \"U.S. person\" have the respective meanings ascribed to them in Regulation S under ...