Columbus Gold Corp. (TSX:CGT) (CBGDF: OTCQX) is pleased to announce that it has closed the first tranche of its previously announced private placement (see news release dated October 21, 2019), fully subscribed by Sandstorm Gold Ltd. (SSL: TSX) raising gross proceeds of CAD$1,250,000 through the issuance of 7,812,500 common shares of Columbus at a price of CAD$0.16 per Share and granting to Sandstorm a 0.5% net smelter returns royalty from Columbus’ ownership interest on gold production from the Maripa gold project in French Guiana, if and when Columbus earns its interest in the project, and increasing up to 1% depending on Columbus’ interest in the project. No finders’ fees have been paid in connection with this private placement.
The proceeds of the private placement will be used for exploration and general working capital purposes.
Sandstorm acquired the Shares for investment purposes. Sandstorm may from time to time acquire additional securities of Columbus, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.
The securities offered have not been, and will not be, registered under the U.S. 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 in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
ABOUT COLUMBUS GOLD
Columbus is French Guiana’s leading gold exploration and development company. Columbus holds a major interest in the world-class Montagne d’Or gold deposit. A feasibility study for Montagne d’Or was filed in May 2017, and the mine permitting process is currently underway. In addition, Columbus has entered into an agreement to acquire a 100% interest in the Rhea gold exploration property and is also earning into the Maripa gold exploration project, where past drilling has returned excellent near surface results, including 36 meters of 4.3 g/t gold. Columbus’ objective is to assemble a portfolio of high-quality gold exploration projects in the highly prospective and underexplored Guiana Shield.
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We acknowledge the [financial] support of the Government of Canada.