Collective Mining Announces $10 Million CAD Capital Infusion From Clarus Securities

Toronto-based Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) with mining operations in Caldas, Colombia has confirmed this morning that it has entered into an agreement with Toronto-based Clarus Securities Inc., on behalf of a syndicate of underwriters to sell the group on a “bought deal” basis 4,444,800 units of the company at a price of $2.25 CAD per unit for a total of $10,000,800.

Each unit will consist of one common share in the capital of Collective Mining, and one-half of a common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of C$3.25 for 18 months following the completion of the offering.

Collective has granted the underwriters an over-allotment option exercisable in whole or in part, to purchase up to an additional 666,720 units for a period of 30 days from the closing date to cover any over-allotments and for market stabilization purposes. If the over-allotment option is exercised in full, the aggregate gross proceeds of the offering will be C$1,500,120.

Collective management and insiders will be participating up to 15% in the offering.

The company intends to use the proceeds to fund ongoing work programs to advance the Guayabales Project, to pursue other exploration and development opportunities, and for working capital and general corporate purposes.

The offering is expected to close next week, with a target date of October 25th and is subject to certain conditions including the approval of the TSX Venture Exchange (TSXV).

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion USD, Collective is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the company and as a result, are fully aligned with shareholders.