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Colombian Mines Corporation (TSXV:CMJ) announced the closing of the second tranche of its previously announced non-brokered private placement. Colombian Mines has issued 400,000 units for gross proceeds of $40,000.
As quoted in the press release:
Colombian Mines Corp. has completed the second tranche of its non-brokered private placement, previously announced on March 13, 2015, and April 8, 2015.
Upon the closing of the second tranche, the company has issued 400,000 units at 10 cents per unit for gross proceeds of $40,000. Each unit consists of one common share of stock and one full share purchase warrant. Each full warrant is exercisable for one additional share of the company’s common stock for 24 months at a price of: 12 cents per common share for the first six months; and (ii) 20 cents per common share thereafter until May 19, 2017.
There is a statutory hold period on the shares and warrants issued pursuant to the private placement expiring on Sept. 20, 2015.
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.
The company intends to use the proceeds from the sale of the units for general working capital.
Click here to read the Colombian Mines Corporation (TSXV:CMJ) press release
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