Collective Mining Raises $30 Million Equity Round To Continue Developing Guayabales Project

Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF), an early-stage mining company with titles and operations in Caldas, Colombia, has just closed a “bought deal” offering of common shares of the company for$30 million Canadian dollars (CAD), or approximately $27.81 million USD at time of publication. The offering was conducted by a syndicate of underwriters co-led by BMO Capital Markets and Clarus Securities Inc., and included Canaccord Genuity Corp., Cormark Securities Inc. and PI Financial Corp. The offering consisted of the sale of 7,060,000 shares at a price of $4.25 CAD per Share.

The net proceeds from the offering are expected to be used to fund ongoing work programs to advance the Guayabales Project at its site near Supía, Caldas, Colombia, to pursue other exploration and development opportunities, and for working capital and operations.

In connection with the completion of the offering, the underwriters received a cash commission of approximately $1.789 million CAD. Certain officers and directors of the Collective also purchased an aggregate of 117,730 shares pursuant to the offering as a “related party transaction” permitted under “Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101).”

The securities issued pursuant to the offering were qualified for distribution pursuant to the Prospectus Supplement and a short form base shelf prospectus dated November 9, 2021, filed in each of the provinces and territories of Canada, other than Quebec, and offered and sold elsewhere outside of Canada on a private placement basis.

Photo: Loren Moss