Quimbaya Gold Inc. Announces Private Placement and Closing of First Tranche

Quimbaya Gold Inc. Announces Private Placement and Closing of First Tranche

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

 Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) ("Quimbaya" or the "Company") announces it is completing a private placement of units of the Company ("Units") for up to an aggregate of $3,000 ,000 (6,000,000 Units) at a price of $0.50 per Unit inclusive of both traditional private placement funds and shares for debtprevious services (the "Private Placement"). The completion of the Private will be subject to Canadian Securities ‎Exchange ("CSE") approval. All shares issued pursuant to this Private Placement and any shares issued pursuant to the exercise of warrants will be subject to a four-month and one day hold period from the closing date.

Each Unit is composed of one common share in the capital of the Company (a "Common Share") and one-half non-transferable share purchase warrant (a "Warrant"). Each Warrant is exercisable to purchase one additional common share of the Company (a "Warrant Share") for a period of one year from the date of closing of the Private Placement at an exercise price of $0.75 per Warrant. The Warrants are subject to an accelerated expiry date, which comes into effect when the trading price on the CSE of the Company's common shares closes at or above $1.00 per share for a period of 10 consecutive trading days commencing. In such event, the Company may, at its option, accelerate the expiry date of the Warrants by issuing a press release (the "Notice") to the Warrant holders and in such case, the expiry date of the Warrants will be 30 days from the date of the Notice and all rights of holders of such Warrants shall be terminated without any compensation to such holder. Proceeds from the Private Placement will be used to fund the Company's projects and for general working capital purposes. The Company reserves the right to accept additional funds, subject to regulatory approval, should the Private Placement be oversubscribed.

Further to the above Private Placement notice, the Company announces that is has closed the first tranche (the "First Tranche") of its private placement of 2,482,140 Units for an aggregate of $1,241,070 .

Certain insiders of the Company, Jean-Luc Peyrot (former Director), Alexandre P. Boivin (President, Chief Executive Officer and Director), and Alexandre Lambert de Beaulieu (former Corporate Secretary and Director), participated in the Private Placement. Such participation is considered a related ‎party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority ‎Security Holders in Special Transactions (" MI 61-101 "). The related party transaction will be exempt ‎from minority approval and valuation requirements pursuant to the exemptions contained in Section ‎‎5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under ‎the Private Placement nor the consideration to be paid by insiders will exceed 25% of the Company's market ‎capitalization. ‎

About Quimbaya

Quimbaya aims to consolidate gold reserves through exploration and acquisition of mining properties in Antioquia, Colombia . Managed by an experienced team in mining sector, Quimbaya is focused on 3 projects in the regions of Segovia (the Tahami project), Puerto Berrio (the Berrio Project), and Abejorral (the Maitamac Project), all located in the Antioquia Province, Colombia.

Quimbaya Gold Inc.
follow on X @quimbayagoldinc
follow on LinkedIn @quimbayagold

Cautionary Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.  Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release, including, but not limited to, that the Company will complete the Private Placement on the terms disclosed and that the Company will receive all necessary regulatory approvals for the Private Placement. The completion of the Private Placement and closing of the First Tranche will be subject to Canadian Securities Exchange approval. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward- looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported.

The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.

SOURCE Quimbaya Gold Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/June2024/05/c7553.html

News Provided by Canada Newswire via QuoteMedia

QIM:CC
Quimbaya Gold

Quimbaya Gold Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Quimbaya Gold (CSE:QIM)

Quimbaya Gold

Quimbaya Gold

Quimbaya Gold Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Unlocking high-grade gold potential in Antioquia, Colombia’s premier mining district

Quimbaya Identifies Mineralized High-Sulfidation Porphyry System at Surface at Tahami

Quimbaya Identifies Mineralized High-Sulfidation Porphyry System at Surface at Tahami

Surface work confirms Cu-Mo-Au mineralization, classic porphyry type style-alteration, and active gold workings, reinforcing district-scale upside at Quimbaya's flagship project in Colombia. NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES... Keep Reading...
Quimbaya Gold Mobilizes Second Drill Rig at Tahami South; Announces Marketing Agreements

Quimbaya Gold Mobilizes Second Drill Rig at Tahami South; Announces Marketing Agreements

Quimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya" or the "Company") is pleased to announce the mobilization of a second drill rig to the Tahami South area of its 100%-owned Tahami Project in Antioquia, Colombia.The additional drill rig has been deployed to accelerate... Keep Reading...
Quimbaya Gold Starts Drilling at Tahami South, Testing Undrilled Gold System Beside Aris' Segovia Mine

Quimbaya Gold Starts Drilling at Tahami South, Testing Undrilled Gold System Beside Aris' Segovia Mine

The 4,000m drilling campaign aims to unlock district-scale potential by testing a possible extension of Aris' producing vein system in Colombia's premier high-grade gold corridorQuimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya" or the "Company") is pleased to announce... Keep Reading...
Quimbaya Gold Announces Termination of LOI with Denarius Metals

Quimbaya Gold Announces Termination of LOI with Denarius Metals

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESQuimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya" or the "Company") announces that Denarius Metals Corp. has elected to terminate the binding Letter of Intent (the "LOI")... Keep Reading...
Quimbaya Gold Closes $4 Million Financing and Expands Executive Team

Quimbaya Gold Closes $4 Million Financing and Expands Executive Team

Cornerstone investor brings proven regional track record; company now fully funded into 2026 for multi-project advancement in ColombiaQuimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya" or the "Company") is pleased to announce the closing of its upsized non-brokered private... Keep Reading...
Extensive Gold Mineralisation Intersected at Spargoville

Extensive Gold Mineralisation Intersected at Spargoville

Astral Resources (AAR:AU) has announced Extensive Gold Mineralisation Intersected at SpargovilleDownload the PDF here. Keep Reading...
Locksley Reports High-Grade Antimony Concentrate at Significantly Higher Grades than Comparable American Projects in Initial Metallurgical Test Work of Surface Samples from the Company's Desert Antimony Mine Project in California

Locksley Reports High-Grade Antimony Concentrate at Significantly Higher Grades than Comparable American Projects in Initial Metallurgical Test Work of Surface Samples from the Company's Desert Antimony Mine Project in California

Locksley Resources, (ASX: LKY,OTC:LKYRF; OTCQB: LKYRF) announced that the company's advancing metallurgical test work program being conducted on surface samples collected from the Desert Antimony Mine (DAM) Prospect at the company's project in the Mojave Desert is producing concentrate grades... Keep Reading...
Kobo Resources Intersects 17.0 m at 3.87 g/t Au, Further Defining High-Grade Gold Mineralisation at its Kossou Gold Project

Kobo Resources Intersects 17.0 m at 3.87 g/t Au, Further Defining High-Grade Gold Mineralisation at its Kossou Gold Project

High-grade gold intercepts confirm strong continuity at the Road Cut Zone with multiple parallel shears traced along the Contact Zone Fault Drilling continues to expand mineralisation at the Jagger Zone, confirming gold-bearing shears to depths exceeding 240 m and reinforcing the strength of... Keep Reading...
Golconda Gold Ltd. Releases Q3 2025 Production Update

Golconda Gold Ltd. Releases Q3 2025 Production Update

Golconda Gold Ltd. ("Golconda Gold" or the "Company") (TSX-V: GG; OTCQB: GGGOF) is pleased to announce production of 3,588 ounces of gold for the third quarter of 2025 ("Q3") at its Galaxy Gold Mine ("Galaxy"), an 18% increase in gold production compared to Q2 2025 and a 51% increase compared to... Keep Reading...
Locksley Produces High Grade Antimony Concentrate

Locksley Produces High Grade Antimony Concentrate

Locksley Resources (LKY:AU) has announced Locksley Produces High Grade Antimony ConcentrateDownload the PDF here. Keep Reading...
Geological Breakthrough at Antimony Canyon Patented Claims

Geological Breakthrough at Antimony Canyon Patented Claims

Trigg Minerals (TMG:AU) has announced GEOLOGICAL BREAKTHROUGH AT ANTIMONY CANYON PATENTED CLAIMSDownload the PDF here. Keep Reading...
Quimbaya Gold

Quimbaya Gold Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News