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...
Adrian Day, gold bars.

Adrian Day: Gold Dips Bought Quickly, Price Run Not Over Yet

Adrian Day, president of Adrian Day Asset Management, shares his latest thoughts on what's moving the gold price, emphasizing that its bull run isn't over yet. "It's monetary factors that are driving gold — that's what's fundamentally driving gold," he said. "Monetary factors, lack of trust in... Keep Reading...
Brien Lundin, gold bars.

Brien Lundin: Gold, Silver Stock Run Just Starting, Get in Now

Brien Lundin, editor of Gold Newsletter and New Orleans Investment Conference host, shares his stock-picking strategy at a time when high metals prices are beginning to lift all boats. In his view, gold and silver equities may still only be in the second inning. Don't forget to follow us... Keep Reading...
Gold bars in front of the Venezuelan flag.

Venezuela Gold Set for US Market in Brokered Deal

A new US-Venezuela gold deal could soon channel hundreds of kilograms of bullion from the South American nation into American refineries.Venezuela’s state-owned mining company, Minerven, has agreed to sell between 650 and 1,000 kilograms of gold dore bars to commodities trading house Trafigura... Keep Reading...
Rick Rule, mine site.

Rick Rule: Gold Price During War, Silver Strategy, Oil Stock Game Plan

Rick Rule, proprietor at Rule Investment Media, shares updates on his current strategy in the resource space, mentioning gold, silver, oil and agriculture. He also reminds investors to pay more attention to gold's underlying drivers than to current events.Click here to register for the Rule... Keep Reading...
Lobo Tiggre, gold bars.

Lobo Tiggre: Gold, Oil in Times of War, Plus My Shopping List Now

Lobo Tiggre of IndependentSpeculator.com shares his thoughts on how gold, silver and oil could be impacted by the developing situation in the Middle East. He cautioned investors not to chase these commodities if prices run. Don't forget to follow us @INN_Resource for real-time updates!Securities... Keep Reading...
TomaGold President, CEO and Director David Grondin.

TomaGold: New High-grade Deep Discovery at Berrigan Mine

TomaGold (TSXV:LOT) President, CEO and Director David Grondin said the company is focusing on its flagship Berrigan mine in Chibougamau, Québec, following a large, significant discovery at depth.Berrigan is 4 kilometers northwest of the city of Chibougamau and has existed for about 50 years.... Keep Reading...

Interactive Chart

Latest Press Releases

Related News