Quimbaya Gold Successfully Completes $651,500 USD Private Placement to Fuel Exploration

Quimbaya Gold Inc. (CSE: QIM) has completed a non-brokered private placement, issuing 2,171,665 units at $0.30 per unit, totaling $651,500 in gross proceeds.

Each unit comprises one common share and one warrant, allowing the holder to purchase an additional share at $0.40 within two years. The funds are designated for exploration activities and general working capital.

Notably, 1,046,666 units were allocated to President and Chief Executive Officer Alexandre P. Boivin and Director Pietro JL Solari, classified as related parties under Multilateral Instrument 61-101. The company utilized exemptions from the formal valuation and minority shareholder approval requirements, as the transaction’s value did not exceed 25% of its market capitalization.

All securities issued are subject to a four-month hold period by Canadian securities laws.

Quimbaya Gold focuses on the exploration and acquisition of mining properties in Colombia’s Antioquia Department, with projects in Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project).