Columbus Gold Corp. (CGT: TSX) (CGTFF: OTCQX) is pleased to announce the closing of a non-brokered private placement for gross proceeds of CAD$1.25 million, fully subscribed by OCIM Finance.
The OCIM Private Placement is for 7,812,500 units at a price of CAD$0.16 per unit. Each unit is comprised of one common share of Columbus and a half warrant. Each full warrant entitles the holder, on exercise, to purchase one Share at a price of CAD$0.24, for a period of 18 months from the closing date of the OCIM Private Placement. There are no finders’ fees associated with the OCIM Private Placement. Securities issued in the OCIM Private Placement are subject to a 4 month hold period expiring June 4, 2020.
The proceeds of the OCIM Private Placement will be used for exploration and general working capital purposes.
The Sandstorm Private Placement
On October 21, 2019, Columbus announced a non-brokered private placement to be fully subscribed by Sandstorm Gold Ltd. for gross proceeds of CAD$2.5 million in two equal tranches. The Company announced the closing of the first tranche of the Sandstorm Private Placement on October 25, 2019, raising gross proceeds of CAD$1.25 million. The Sandstorm Private Placement was closed on January 31, 2020, with only the first tranche completed as there remained outstanding conditions to be satisfied to proceed with the closing of the second tranche. Columbus and Sandstorm have mutually agreed to consider an additional investment by Sandstorm in the Company once these conditions have been met.
Columbus is French Guiana’s leading gold exploration and development company with a portfolio of high-quality projects in a highly prospective and underexplored segment of the Guiana Shield. Its objective is to discover economic gold deposits that can be developed following the highest international standards for Responsible Mining. Columbus holds a major interest in the world-class Montagne d’Or mine development project. It is also advancing the Maripa gold exploration project, where past drilling had returned excellent near surface results, including 36 metres of 4.3 g/t gold.
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We acknowledge the [financial] support of the Government of Canada.