Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) announced today that it has closed the previously announced offering co-led by GMP Securities L.P. and Dundee Securities Ltd together with a syndicate of underwriters which included Canaccord Genuity Corp., Clarus Securities Inc. and TD Securities Inc. with PowerOne Capital Markets Limited acting as a selling group member, pursuant to which a total of 44,000,000 units of the Company were issued and sold at a price of C$0.75 per Unit for aggregate gross proceeds of C$33,000,000. Each Unit consisted of one common share and one half of a common share purchase warrant . Each whole Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.90 per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on or before the date that is 24 months from the closing date of the Offering. The Warrants will be governed by a warrant indenture that provides for, among other things, standard anti-dilution provisions and other terms and conditions customary for such agreements. The Warrants are listed and posted for trading on the Toronto Stock Exchange under the symbol “CSI.WT.B”.
In addition, the Company issued 6,600,000 additional Units at the Offering Price to the Underwriters for additional gross proceeds of $4,950,000, pursuant to the exercise, in full, of the over-allotment option granted to the Underwriters under the Offering.
The net proceeds of the Offering are intended to be used to fund development expenditures at the Serra Pelada gold-PGM project including the completion of the process plant, to fund operating losses up to and including production ramp-up, and for working capital and for general corporate purposes.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press 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 State in which such offer, solicitation or sale would be unlawful.
About Colossus Minerals Inc.
Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Para, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Para, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A, CSI.WT.B, and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.
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We acknowledge the [financial] support of the Government of Canada.