Marketwire
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 15, 2013) - Colombian Mines Corporation (TSX VENTURE:CMJ)(FRANKFURT:X6C) ("Colombian Mines" or the "Company") is pleased to announce that it has completed an oversubscribed first tranche of the private placement by issuing 3,383,333 Units at $0.30 per Unit for total gross proceeds of $1,015,000. Each Unit consists of one common share and one share purchase warrant (the "Warrants"), exercisable to acquire an additional common share at $0.45 per share for a five year period. The shares, and any shares issued on exercise of the Warrants, are subject to a hold period expiring March 15, 2014. Finder's fees equal to six (6) per cent were paid on a portion of the proceeds.
The Company expects to close a second tranche of this financing shortly.
Net proceeds will be used to expand upon the highly successful Phase I drilling program at the Company's high grade El Dovio gold - polymetallic project and to advance the high grade Mercedes gold - silver project to a "drill ready" status and for general working capital.
About Colombian Mines Corporation: Colombian Mines is an aggressive junior exploration and development stage company with a distinct "first mover" advantage in Colombia and one of the largest portfolios of 100% direct owned mineral assets among comparable companies 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" and applies an aggressive business model of organic growth through exploration while leveraging shareholder value through strategic alliances and joint ventures. Colombia is widely recognized as a highly prospective, under-explored country with exceptional mineral potential. Further information can be found on our website at www.colombianmines.com.
Robert G. Carrington, President & CEO
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.