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Colombian Mines Corp. (TSXV:CMJ) announced a non-brokered private placement for gross proceeds of up to $100,000. Each unit will be made up of one common share of stock and one full share purchase warrant.
As quoted in the press release:
Colombian Mines Corp. intends to complete a non-brokered private placement by the issuance of up to one million units at a price of 10 cents per unit for gross proceeds of up to $100,000. 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 24 months at a price of: (i) 12 cents per common share for the first six months; and (ii) 20 cents per common share thereafter until the expiry date being 24 months after closing. The placement is subject to regulatory approval, and shares will be subject to a mandatory four-month hold period as required by the TSX Venture Exchange.
The warrants are subject to an accelerated expiry if, at any time after an initial four-month hold period expires, the closing price of the company’s common shares on the TSX Venture Exchange exceeds 30 cents for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the warrants.
Click here to read the Colombian Mines Corp. (TSXV:CMJ) press release
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