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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Collective Mining Ltd. (TSXV: CNL) ("Collective" or the "Company") announces that it has elected to accelerate the expiry date of the common share purchase warrants issued on May 20, 2021 (the "Warrants").
As described in the filing statement of Collective dated May 12, 2021, if the closing price of the Company's common shares (the "Common Shares") on the TSX Venture Exchange ("TSXV") equals or exceeds $2.60 for a period of 20 consecutive trading days (the "Acceleration Trigger"), the Company is entitled to accelerate the expiry date of the Warrants to the date that is not less than 30 trading days following the date notice of such acceleration (the "Acceleration Notice") is delivered to holders of Warrants. The Company will deliver today the Acceleration Notice to holders of Warrants indicating the Company's election to accelerate the expiry date of the Warrants to August 9, 2021 (the "Accelerated Expiry Date").
ANY WARRANTS THAT HAVE NOT BEEN EXERCISED BY 4:00 P.M. (TORONTO TIME) ON AUGUST 9, 2021 WILL AUTOMATICALLY BE CANCELLED.
Each whole Warrant entitles the holder to purchase one Common Share at a price of $2.00. If all Warrants are exercised, including previously exercised Warrants, proceeds to the Company will total approximately $15.5 million, however, there can be no assurance that any additional Warrants will be exercised prior to the Accelerated Expiry Date. Holders of Warrants who wish to exercise their Warrants should review the exercise requirements contained in the Acceleration Notice, and the certificate(s) evidencing their Warrants, and contact their legal and investment advisors before submitting the exercise form and any other applicable documentation to the Company. The contact details for the Company is 82 Richmond St. E., Toronto, Ontario M5C 1P1, Attn: Chief Financial Officer, e-mail: info@collectivemining.com.
About Collective Mining Ltd.
Collective is an exploration and development company focused on identifying and exploring prospective gold projects in South America. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia: (i) the San Antonio project; and (ii) the Guayabales project. The 3,780-hectare San Antonio Project is located in a historical gold district in the Caldas department of Colombia. With recent geophysical and LIDAR surveys completed, an initial 5,000 metre drill program is underway at the project with initial assay results anticipated in early Q4, 2021. The 3,333-hectare Guayabales Project is also located in the mining friendly Caldas department of Colombia. The Guayabales Project is currently undergoing aggressive surface exploration and is expected to begin a maiden drill program in September 2021.
For further information, please contact:
Paul Begin, Chief Financial Officer
Collective Mining Ltd.
Telephone: (416) 451-2727
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements regarding cash proceeds to the Corporation following the Accelerated Expiry Date; proposed exploraiton plans on Collective's properties; allocation of funds and expected benefits, and Collective's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions, including those identified in the Collective's Filing Statement dated May 12, 2021. A and other disclosure documents filed on and available on SEDAR at www.sedar.com. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
