Financing NewsColombian Mines arranges $3-million private placement
2010-02-17 07:55 ET - News Release
Mr. Nathan Tewalt reports
COLOMBIAN MINES PROPOSES PRIVATE PLACEMENT
Colombian Mines Corp. is planning a private placement financing for gross proceeds of up to $3-million. The placement will consist of up to 3.16 million units priced at 95 cents per unit. Each unit will consist of one share and one common share purchase warrant enabling the subscriber to purchase another share for $1.20 over a two-year period. If, after the expiry of all Canadian resale restrictions, the closing price of Colombian's shares on the TSX Venture Exchange is $1.50 or greater for a period of 20 consecutive trading days, the company may accelerate the expiry of the warrants to 21 trading days after giving notice thereof.
A finder's fee may be payable in cash or units to certain finders in consideration of their efforts in locating investors.
Colombian Mines intends to utilize the proceeds from the private placement to finance the company's exploration activities in Colombia, including work on Yarumalito, El Dovio, other licences and for general working capital purposes.
There can be no assurance that the private placement will be completed as proposed or at all and it is subject to all applicable regulatory approvals. The shares, warrants and any shares issued on exercise of the warrants are subject to restrictions on transfer for a period of four months from closing.
We seek Safe Harbor.