TORONTO, March 15, 2023 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL, OTCQX: CNLMF) (“Collective” or “Company”) today announced that it has entered into an agreement with BMO Capital Markets and Clarus Securities Inc. on behalf of a syndicate of underwriters (collectively, the “Underwriters”) to agree to purchase in a “Purchase Transaction” Did. ” basis, 7,060,000 shares of common stock (“Common Stock”) at a price of CAD$4.25 per common share for an aggregate offering of approximately CAD$30 million (the “Offer”). The Company has granted the Underwriters an option to purchase up to 1,059,000 additional shares of common stock (the “Over-allotment Option”) for a period of 30 days, including the closing date of the offering. Covers any over-allotment and aims to stabilize the market. The Underwriter shall not be obligated to exercise all or part of the Over-allotment Option. If the over-allotment option is fully exercised, the total value of the offering will be approximately C$35 million. The public offering is expected to close around March 22, 2023, and is subject to all required regulatory approvals for the collective.
The Company will use net proceeds from the offering to fund its ongoing program of work to advance the Guayavarez Project, pursue other exploration and development opportunities, and for working capital and general corporate purposes. It’s a schedule.
Common stock is offered in the following ways: (i) A Prospectus Supplement to the Collective’s Base Shelf Prospectus dated November 9, 2021 (“Prospectus Supplement”). Authorities in each province and territory of Canada, except Quebec. (ii) in the United States or for the account or interest of a “United States Person” as defined in Regulation S under the U.S. Securities Act of 1933 (the “U.S. Securities Act”), by private placement, in Regulation D and/or Section 4 (“U.S. Securities Act”); a) Subject to (2) and the exemptions from registration provided under Rule 144A of the U.S. Securities Act and the applicable securities laws of any state of the United States. (iii) in jurisdictions other than Canada and the United States, when the Company and the Underwriter agree on a private placement or equivalent basis;
The securities being offered have not been registered under the United States securities laws and will not be registered. Exemption from U.S. Registration Requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall any securities be sold in any state where such offer, solicitation or sale would be unlawful.
About Collective Mining Ltd.
For the latest company presentations and related information, please visit: www.collectivemining.com
Founded by the team that developed Continental Gold Inc. and sold it to Zijin Mining for an enterprise value of approximately $2 billion, Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The Company has an option to acquire his 100% interest in two of his projects located in established mining camps with ten fully licensed and operating mines.
Our flagship project, Guayabales, is underpinned by the Apollo target, which hosts a large, massive tonnage, high-grade copper, silver, and gold Apollo porphyry system. The company’s near-term goal is to extend the overall system dimensions while remaining open in all directions while drilling shallower portions of the porphyry system.
Management and insiders own approximately 52% of our outstanding shares and as a result are fully aligned with our shareholders. The Company is listed on TSXV under trading symbol ‘CNL’ and on OTCQX under trading symbol ‘CNLMF’.
Information contact:
Follow our Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter.
investors and media
Paul Begin, Chief Financial Officer
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+1 (416) 451-2727
Forward-Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws. All statements other than statements of historical fact are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Statements involving predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance discussions (“plans”, “anticipates”, “anticipates”, “budgets”, “plans”, ” Estimate, “predict,” “intend,” “expect,” or “believe,” or variations of such words or phrases (including negative variations), or state any particular action, event, or outcome.” “may”, “could”, “would”, “might” or “will” are not statements of historical fact and may be forward-looking statements. relates to, among other things: receipt of all regulatory approvals related to the offering completion of the offering and use of net proceeds derived therefrom anticipated progress in mineral properties or programs future operations; The Collective’s future growth potential and future development plans.
These forward-looking statements and the assumptions underlying them are made in good faith and reflect our current judgment regarding the direction of our business. Management believes these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and the Company’s actual results, performance or achievements that may be expressed or implied by the forward-looking information. and other factors that can vary significantly. Such factors include, among others: risks associated with the speculative nature of our business; Formative stage of our development. Impact of COVID19 on the timing of exploration and development work. the company’s financial position; Possible variations in mineralization, grade or recovery. Actual results of current exploration activities. conclusions of future economic valuations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious metals, base metals or certain other commodities; fluctuations in currency markets; changes in national and local governments, legislation, taxation, control regulations, and political or economic developments; Risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, abnormal or unexpected formation pressures, cave-ins and floods); failure to obtain adequate insurance to cover risks and hazards; The existence of laws and regulations that may impose restrictions on mining. Relations with Employees; Relations and Advocacy with Local Communities and Indigenous Peoples. Responding to increased costs associated with mining inputs and labor. the speculative nature of mineral exploration and development (including the risk of obtaining necessary licenses, permits and approvals from governmental authorities); property title; Such factors are described in detail in the Prospectus Supplement and documents incorporated by reference.
The forward-looking statements contained herein are made as of the date of this news release and the company does not make any forward-looking statements, whether as a result of new information, future events or results. We disclaim any obligation to update any forward-looking statements. securities law. Because actual results or future events could differ materially from those projected in such statements and there could be other factors that cause results to be unanticipated, estimated or unintended. There can be no assurance that forward-looking information will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking information.
Neither TSXV nor its regulated service providers (as those terms are defined in TSXV’s policy) are responsible for the adequacy or accuracy of this news release.
