TORONTO, March 14,
2025 /PRNewswire/ - Collective Mining Ltd.
(NYSE: CNL) (TSX: CNL) ("Collective" or the "Company") is
pleased to announce that it has entered into an agreement with
Agnico Eagle Mines Limited ("Agnico Eagle") pursuant to which
Agnico Eagle has agreed to subscribe for 4,741,984 common shares in
the capital of the Company (the "Shares") at a price of
C$11.00 per Share (the "Offering").
Closing of the Offering is conditional upon, among other things,
Agnico Eagle concurrently exercising the common share purchase
warrants of the Company (the "Warrants") it currently holds to
acquire an additional 2,250,000 Shares at a price of C$5.01 per Share. In total, between the Offering
and the exercise of the Warrants, the Company will receive gross
proceeds of approximately $63.4
million. At Closing of the Offering, Agnico Eagle's
ownership interest in the Shares is expected to increase to
approximately 14.99%.
Ari Sussman, Executive Chairman
commented: "I would like to thank Agnico Eagle for its additional
support as we continue to advance our Guayabales Project. The
proceeds received will enable us to continue with our planned drill
program and we look forward to releasing results in the near
term."
The proceeds from the Offering and exercise of the Warrants are
expected to be used for exploration on the Company's properties in
Colombia and for general working
capital purposes. Closing of the Offering is also subject to, among
other things, the receipt of regulatory approvals, including
approval of the Toronto Stock Exchange and acceptance by NYSE
American, and is expected to close two business days following
receipt of such approval.
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 is a gold, silver,
copper and tungsten exploration company with projects in Caldas,
Colombia. The Company has options
to acquire 100% interests in two projects located directly within
an established mining camp with ten fully permitted and operating
mines.
The Company's flagship project, Guayabales, is anchored by the
Apollo system, which hosts the large-scale, bulk-tonnage and
high-grade gold-silver-copper-tungsten Apollo system. The Company's
objectives are to improve the overall grade of the Apollo system by
systematically drill testing newly modeled potentially high-grade
sub-zones, expand the Apollo system by stepping out along strike to
the north and expanding the newly discovered high-grade Ramp Zone
along strike and to depth, expand the Trap system and drill a
series of newly generated targets including Tower and X.
Management and insiders own approximately 36% of the outstanding
shares of the Company and as a result, are fully aligned with
shareholders. The Company is listed on the NYSE American and TSX
under the trading symbol "CNL" and on the FSE under the trading
symbol "GG1".
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: statements with respect to the
proposed Offering and exercise of Warrants; anticipated use of
proceeds from the Offering and the exercise of Warrants; receipt of
regulatory approvals and other conditions to closing of the
Offering, 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 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: completion of the
Offering and exercise of the Warrants on the terms stated or at
all, receipt of all regulatory approvals, planed use of proceeds
from the Offering and the exercise of the Warrants; 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.
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SOURCE Collective Mining Ltd.
