Colombian Mines Announces $1.5 Million Non-Brokered Private Placement
Vancouver, British Columbia, November 4, 2013 (TSX-V: CMJ, Frankfurt: X6C) -- Colombian Mines Corporation ("Colombian Mines" or the "Company") is pleased to announce that International Finance Corporation ("IFC") has proposed to make an initial investment of up to $1.5 million dollars in Colombian Mines by means of a non-brokered private placement, subject to regulatory approval and approval by the boards of directors of Colombian Mines and IFC.
The placement will consist of up to 5,000,000 units (the "Units") at a price of $0.30 per Unit for gross proceeds of up to $1.5 million dollars. Each Unit will consist of one common share of stock and one full share purchase warrant. Each full warrant will be exercisable for one additional share of the Company's common stock for five years at a conversion price equal to $0.45 per share. Shares will be subject to a mandatory 4 month hold period.
IFC will be seeking board approval for an investment of up to C$5.5 million dollars to facilitate participation in subsequent rights issues and warrant exercises. Widely recognized as a long term investor with a focus on helping to bring properties to production, IFC brings strong support at all project levels, especially health, safety, environmental and social. The Company's management looks forward to beginning a long-term partnership with IFC that will draw heavily on their global environmental and social expertise.
About IFC: IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. In fiscal year 2013, IFC investments climbed to an all-time high of nearly $25 billion. For more information, visit
www.ifc.org.
Use of Funds: Funds will be used primarily to expand upon the highly successful Phase I drilling program at the high grade El Dovio gold -- polymetallic project and to advance the high grade Mercedes gold -- silver project to a "drill ready" status.
About Colombian Mines Corporation: Colombian Mines Corporation is an aggressive exploration and development stage company with a distinct "first mover" advantage in Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is also one of Colombia's leading "prospect generators". Further information can be found on our website at
www.colombianmines.com.
Signed: "Robert G. Carrington"
President & CEO
FOR FURTHER INFORMATION CONTACT:
Sharon Hebgin
Corporate Communications
Phone: (604) 649-9195 - Canada
(760) 668-7211 - United States
Email:
shebgin@colombianmines.com
Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: (604) 558-4300
Email:
dcross@crossdavis.com
Website:
www.colombianmines.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Colombian Mines Corporation. Actual results may differ materially from those currently anticipated in such statements.