Quimbaya Gold Secures $348,273.72 in Private Placement to Fuel Colombian Gold Exploration
Vancouver, BC – October 25, 2024 – Quimbaya Gold Inc. (QIM) (QIMGF) (FSE: K05) has successfully completed a private placement, raising a total of $348,273.72 through the issuance of units. This funding will be instrumental in advancing the company’s ambitious gold exploration projects in Colombia.
The private placement involved the issuance of units at a price of $0.50 per unit, totaling 696,548 units. Each unit comprises one common share in the capital of Quimbaya and half a non-transferable share purchase warrant. These warrants can be exercised to purchase an additional common share of the company for a period of one year from the closing date of the private placement at an exercise price of $0.75 per warrant.
The company has also announced the grant of 500,000 stock options to certain directors, officers, and consultants. These options, subject to a four-month and one-day hold period, vest over a one-year period and have an exercise price of $0.40.
Quimbaya, known for its experienced team in the mining sector, focuses on three projects in Colombia: the Tahami Project in Segovia, the Berrio Project in Puerto Berrio, and the Maitamac Project in Abejorral, all located in the Antioquia Department.
Proceeds from the Private Placement will be used for:
* Funding the company’s ongoing projects
* General working capital purposes
The company reserves the right to accept additional funds, subject to regulatory approval, if the private placement is oversubscribed.
Key Details of the Private Placement:
*
Price per Unit:
$0.50*
Total Units Issued:
696,548*
Total Funds Raised:
$348,273.72*
Warrant Exercise Price:
$0.75*
Warrant Expiry:
One year from closingInsider Participation:
Certain insiders of the company participated in the private placement. This transaction is considered a related party transaction and has been exempted from minority approval and valuation requirements under applicable regulations.
About Quimbaya Gold Inc.:
Quimbaya Gold Inc. is a publicly traded company focused on gold exploration and acquisition of mining properties in Colombia. The company is committed to responsible mining practices and aims to unlock the vast gold potential of Colombia’s prolific mining districts.
