Collective Mining Secures $18.9 Million CAD Strategic Investment

Canadian mining company Collective Mining Ltd. (TSX: CNL) recently announced a strategic investment of $18.9 million CAD by an unnamed “strategic investor” that will be used in the exploration of its operations in Colombia and “for general working capital purposes,” according to the company.

The investment comes in the form of the sale of 4.5 million “units” at a price of $4.20 CAD, according to Collective Mining.

In an announcement, the Toronto-based company detailed the definition of a unit in this arrangement as “comprised of one common share of the company and one-half of one common share purchase warrant” that can be converted into a common share at the price of $5.01 CAD at any point in the next three years.

The announced arrangement is subject to normal regulatory approvals.

(Photo credit: Collective Mining)