Rich People Trades
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

Rich People Trades

Investing

Quimbaya Gold Closes Third Tranche and Upsizes Private Placement to $3 Million

by admin February 15, 2025
February 15, 2025
Quimbaya Gold Closes Third Tranche and Upsizes Private Placement to $3 Million

Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya’ or the ‘Company’) is pleased to announce that further to its news release dated December 23rd, 2024, the Company has completed a third tranche of the previously announced non-brokered private placement (the ‘Placement’) of 3,135,800 units of the Company (each, a ‘Unit’) at a price of $0.30 per Unit for aggregate gross proceeds of $940,740. Each Unit is comprised of one common share (a ‘Common Share’) of the Company and one Common Share purchase warrant (a ‘Warrant’), each such Warrant entitling the holder to acquire one additional Common Share for a period of two years from the date of issuance at an exercise price of $0.40 per Common Share. The net proceeds of the Offering will be used by the Company for exploration and working capital.

In connection with the Offering, the Company shall pay total cash finders’ fees on Feb.14, 2025 of $21,720 and a total of 72,400 finder’s warrants are being issued.

Quimbaya is also pleased to announced that due to strong investor demand, the private placement has been increased to $3,000,000 on the same terms and is expected to close on or before February 21st, 2025.

‘We are very encouraged with the additional investor interest and enthusiasm for the high-grade discovery potential of our Colombian gold projects that we anticipate commencing drilling in the coming months,’ stated Alexandre P. Boivin, President and CEO.

Included as part of the private placement, Quimbaya has completed debt settlements (the ‘Debt Settlement’) with certain creditors of the Company (the ‘Creditors’) also announced on December 23th, 2024, pursuant to which the Company issued to the Creditors, and the Creditors agreed to accept, an aggregate of 484,068 Units in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $146,103.40.

All securities issued in connection with the Placement and the Debt Settlement are subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The Company has issued an aggregate of 116,666 Units pursuant to the Placement, to Olivier Berthiaume (CFO and director of Quimbaya) who are considered ‘related parties’ of the Company (the ‘Interested Parties’), in each case constituting, to that extent, a ‘related party transaction’ as defined under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (‘MI 61-101’). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the Interested Parties in the Placement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Placement nor the securities issued in connection therewith, in so far as the Placement involves the Interested Parties, exceeds 25% of the Company’s market capitalization.

The Company also announces that William DeJong has stepped down from the Board of Directors and continues to support the company as advisor and counsel.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the ‘U.S. Securities Act’), or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to any U.S. person absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. ‘United States’ and ‘U.S. person’ have the respective meanings ascribed to them in Regulation S under the U.S. Securities Act.

About Quimbaya

Quimbaya is active in the exploration and acquisition of mining properties in the prolific mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Department, Colombia.

Contact Information

Alexandre P. Boivin, President and CEO apboivin@quimbayagold.com

Jason Frame, Manager of Communications jason.frame@quimbayagold.com

Quimbaya Gold Inc.
Follow on X @quimbayagoldinc
Follow on LinkedIn @quimbayagold
Follow on Instagram @quimbayagoldinc
Follow on Facebook @quimbayagoldinc

Cautionary Statements

This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, statements regarding the completion of the Offering and the timing thereof, the anticipated use of proceeds of the Offering; closing of an additional tranches, if any; future drilling and anticipated timing thereof; are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’ or ‘anticipates,’ or variations of such words and phrases or statements that certain actions, events or results ‘may,’ ‘could,’ ‘should’ or ‘would’ or occur. 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 Offering on the terms disclosed, that the Company will receive all necessary regulatory approvals for the Offering, that the Company will use the proceeds of the Offering as currently anticipated; and assumptions relating to the state of the financial markets for the Company’s securities. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the Company may not be able to raise funds under the Offering, as currently anticipated, that the Company may fail to receive any required regulatory approvals for the Offering, that the Company will not use the proceeds of the Offering as anticipated, market volatility, unanticipated costs, changes in applicable regulations, and changes in the Company’s business plans. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240883

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

previous post
RETRANSMISSION: Spearmint Acquires the Sisson North Tungsten Project
next post
Here’s what happened during President Donald Trump’s 4th week in office

Related Posts

6 Mining and Energy Stocks Make Top 10...

February 22, 2025

High Grade Gold Intercepts Confirm Kpali Discovery

February 17, 2025

Peter Krauth: Silver Market “Very Tight,” Watch This...

March 6, 2025

Forum Energy Metals to Attend PDAC Convention March...

March 1, 2025

WESTERN COPPER AND GOLD STRENGTHENS STRATEGIC PARTNERSHIP WITH...

April 16, 2025

Updated Maroochydore Copper-Cobalt Resource Demonstrates Large Copper Sulphide...

February 5, 2025

Syntheia Launches AssistantNLP, Elevating Customer Interaction with AI-Powered...

February 5, 2025

Element79 Announces Extension to Proposed Spin Out and...

May 2, 2025

Group Mineral Resource Increases to 1.62 Million Ounces

April 3, 2025

Lode Gold Strengthens Board of Spin Co Gold...

March 8, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      First lady Melania Trump’s new official portrait revealed

      January 28, 2025
    • 2

      Health experts prep Dem lawmakers on anti-vaccine arguments ahead of RFK Jr’s confirmation hearings

      January 28, 2025
    • 3

      Vale Launches Strategic Review of Thompson Nickel Operations Amid Market Challenges

      January 28, 2025
    • 4

      ECOWAS pledges to ‘keep door open’ after 3 coup-hit West African nations exit regional bloc

      January 30, 2025
    • 5

      American fighters are dying in Ukraine in growing numbers. Bringing their bodies home is a complex task

      January 30, 2025
    • 6

      Scorched-earth Shanahan: RFK Jr’s former running mate threatens political war against confirmation opponents

      January 30, 2025
    • 7

      Coral bleaching on Australia’s Great Barrier Reef reaches ‘catastrophic’ levels, study finds

      January 23, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: richpeopletrades.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 richpeopletrades.com | All Rights Reserved