Collective Mining Announces Proceeds of $13.5 Million from Warrant Exercise

Collective Mining Ltd. (TSXV: CNL) ("Collective" or the "Company") is pleased to announce that it has received $13.5 million as a result of the exercise of common share purchase warrants of the Company (" Warrants ") following the acceleration of the expiry time of the Warrants. The Warrants had an exercise price of $2.00 and were originally issued on May 20, 2021 following the completion of the Company's qualifying transaction on the TSX Venture Exchange. The holders of the Warrants had 30 trading from the date of the notice of acceleration to exercise their Warrants. All remaining Warrants were cancelled as of 4:00 p.m. (Toronto time) on August 9, 2021. The Company is now fully funded through at least 2022 with a cash balance of approximately $26 million.

About Collective Mining

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 in a historical gold district in the Caldas department of Colombia. An initial drilling program was recently completed at the project with first assay results anticipated in late Q3, 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 a maiden greenfields drilling program is expected to begin in late Q3, 2021.

Contact Information

Collective Mining Ltd.
Paul Begin, Chief Financial Officer
Tel. (416) 451-2727

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the use of proceeds from the exercise of the Warrants, the maiden drill program, including timing of results, and Collective's future 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. 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Collective Mining

Collective Mining

The Continental Gold Team Developing Highly Prospective Mineral Projects in the Prolific Middle Cauca Belt in Colombia

The Continental Gold Team Developing Highly Prospective Mineral Projects in the Prolific Middle Cauca Belt in Colombia Keep Reading...
Don Durrett, gold and silver bars.

Don Durrett: Gold, Silver Stock Opportunity "Unbelievable," My Focus Now

Don Durrett of GoldStockData.com shares his updated gold and silver price outlook, as well as how his portfolio is focused given the current environment. "You have this unbelievable opportunity here — the leverage is just somewhat crazy," he said.Don’t forget to follow us @INN_Resource for... Keep Reading...
John Griffith, gold bars.

Gold Trend is Up, Output to Grow 500 Percent by 2030 | Gold Royalty's John Griffith

John Griffith, president of Gold Royalty (NYSEAMERICAN:GROY), outlines his company's growth plans in what he expects to continue to be a strong gold price environment. "If you just look at our current portfolio, we have over the next five years 500 percent growth all fully bought and paid for,"... Keep Reading...
Domestic Metals CEO Gordon Neal.

Domestic Metals Drilling Rio Tinto's Smart Creek Hole at a New Angle

Domestic Metals (TSXV:DMCU,OTCQB:DMCUF,FWB:03E0) President and CEO Gordon Neal discussed the drill program now underway at the Smart Creek project in Montana.Speaking with the Investing News Network at the Precious Metals Summit in Beaver Creek, Neal emphasized that Rio Tinto's... Keep Reading...
Businessmen shaking hands.

Franco-Nevada Takes 12.4 Percent Stake in Kenorland Minerals

Royalties and streaming giant Franco-Nevada (TSX:FNV,NYSE:FNV) has acquired a 12.42 percent stake in early-stage exploration company Kenorland Minerals (TSXV:KLD,OTCQX:KLDCF) through a US$22.2 million private block trade.The Toronto-based firm purchased 10 million Kenorland common shares at... Keep Reading...
Ronald-Peter Stoeferle, gold bars.

Ronald-Peter Stoeferle: Gold's Key Triggers, Plus Final Price Target

Ronald-Peter Stoeferle of Incrementum shares his thoughts on gold, identifying several price triggers that he believes will drive the yellow metal higher. Those include a change in messaging from the US Federal Reserve and a US dollar bear market. "I think we've got still two, three, four good... Keep Reading...
Frederick Bell, gold bars.

Gold's Top Drivers, Plus New US$190 Million Deal | Elemental Royalty's Frederick Bell

Frederick Bell, CEO of Elemental Royalty (TSX:ELE,NASDAQ:ELE), shares his outlook for gold and discusses recent company developments, including Elemental's US$290 million acquisition of a royalty and streaming portfolio. "I think overall there will be short-term movement in the oil price, in... Keep Reading...

Interactive Chart

Latest Press Releases

Related News