/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA ONLY AND IS NOT FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
TORONTO, Oct. 29,
2024 /CNW/ - Collective Mining Ltd.
(NYSE: CNL) (TSX: CNL) ("Collective" or the "Company")
is pleased to announce that, further to its news releases
dated October 24 and 25, 2024
announcing a C$35 million "bought
deal" public offering of common shares ("Common Shares") led by BMO
Capital Markets on behalf of a syndicate of underwriters (the
"Public Offering"), its strategic investor with participation
rights in equity financings of the Corporation (see press release
dated February 26, 2024) has
exercised such participation rights in connection with the Public
Offering. The strategic investor intends to subscribe for
such number of Common Shares, at an issue price of C$5.00 per Common Share, that will result in the
strategic investor holding 9.99% of the issued and outstanding
Common Shares, on a partially diluted basis, after giving effect to
the Public Offering calculated in accordance with the terms of the
strategic investor's participation right. The Common Shares to be
issued to the strategic investor will be completed on a
non-brokered private placement basis expected to close concurrently
with the Public Offering. The Common Shares to be issued to the
strategic investor will be subject to a statutory hold period under
Canadian securities laws expiring four months and one day from the
date of issuance.
The Public Offering and concurrent private placement are subject
to the approval and authorization, as applicable, of the Toronto
Stock Exchange and NYSE American.
The securities to be offered pursuant to the bought deal
financing and issued pursuant to the private placement have not
been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any U.S. state securities laws, and may not be offered or sold to,
or for the account or benefit of, persons in the "United
States" or "U.S persons" (as such terms are defined in Regulation S
under the U.S. Securities Act) absent registration or any
applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Collective Mining Ltd.
To see our latest corporate presentation and related
information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold
Inc. to Zijin Mining for approximately $2
billion in enterprise value, Collective Mining is an
advanced exploration company with options to acquire 100% interests
in two projects in Caldas, Colombia. Both projects are located directly
within an established mining camp with ten fully permitted and
operating mines and benefits from ready access to hydropower, roads
and skilled labor.
The Company's flagship project, Guayabales, is anchored by the
Apollo system, which hosts the large-scale, outcropping,
bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo
system, which is a partially reduced intrusion related system
("PRIRS"). The Company's 2024 objectives are to expand the Apollo
system and step out along strike to expand the recently discovered
Trap system.
Management, insiders and close family and friends own over 40%
of the outstanding shares of the Company and as a result, are fully
aligned with shareholders. The Company is listed on the NYSE and
the TSX under the trading symbol "CNL."
Information Contact:
Follow Executive Chairman
Ari Sussman
(@Ariski73) on X
Follow Collective Mining (@CollectiveMini1) on
X, (Collective Mining) on LinkedIn, and
(@collectivemining) on Instagram
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities legislation (collectively, "forward-looking
statements"). All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this news release. Any
statement that involves discussion with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often, but not always using phrases
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved)
are not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: receipt of all regulatory approvals
in connection with the Public Offering and concurrent private
placement; the completion of the Public Offering and the concurrent
private placement; the anticipated advancement of mineral
properties or programs; future operations; future recovery metal
recovery rates; future growth potential of Collective; and future
development plans.
These forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding future events including final listing
mechanics and the direction of our business. Management believes
that these assumptions are reasonable. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others:
risks related to the speculative nature of the Company's business;
the Company's formative stage of development; the Company's
financial position; possible variations in mineralization, grade or
recovery rates; actual results of current exploration activities;
conclusions of future economic evaluations; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of gold, precious and base
metals or certain other commodities; fluctuations in currency
markets; change in national and local government, legislation,
taxation, controls regulations and political or economic
developments; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formation pressures, cave-ins and flooding); inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); and title to properties, as well as those risk
factors discussed or referred to in the annual information form of
the Company dated March 27, 2024.
Forward-looking statements contained herein are made as of the date
of this news release and the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results, except as may be required by
applicable securities laws. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements and there may be other factors that
cause results not to be anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements.
SOURCE Collective Mining Ltd.
