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Colorado Resources Closes $3.7 Million Financing

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Colorado Resources Ltd. (TSX-V: CXO)  announces that it has completed a financing of an aggregate of 15,267,855 flow-through subscription receipts issued at a price of $0.12 per subscription receipt and 22,069,928 non-flow-through subscription receipts at a price of $0.085 per subscription receipt for aggregate gross proceeds of approximately $3,708,086. The net proceeds of the Financing will be held in escrow and released in connection with the satisfaction of the escrow release conditions by Colorado upon the successful completion of the previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Colorado will acquire all of the issued and outstanding common shares of Buckingham Copper Corp.  and, in exchange, shareholders of Buckingham will receive 0.5 of a common share of Colorado for each Buckingham Share held.

 

Closing of the Transaction is expected to occur on August 20, 2019.

 

Colorado intends to use the net proceeds of the Financing to complete work on the Kinaskan-Castle Property, for working capital and general corporate expenditures, and to repay a loan.

 

About Colorado

Colorado Resources Ltd. is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in the “Golden Triangle” British Columbia. Colorado’s main exploration projects within British Columbia include KSP, North ROK, Kingpin and Kinaskan-Castle. 

 

Posted August 19, 2019

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