Closing Private Placement Financing
QUIMBAYA GOLD INC. CLOSES PRIVATE
PLACEMENT FINANCING
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWS WIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Aug. 9, 2023
/CNW/ - Quimbaya Gold Inc. (CSE: QIM) ("
Quimbaya
" or the
"
Company"
) is pleased to announce that it has completed a non-brokered private placement
offering of 2,261,782 common shares of the Company ("
Common Shares
") at a price of
$0.45
per
Common Share for aggregate gross proceeds of
$1,017,799.70
(the "
Offering
").
The completion of the Offering will be subject to Canadian Securities Exchange acceptance. The
Common Shares have a hold period of four months and one day from the date of issue. No finder's
fees were paid in connection with the Offering. The net proceeds of the Offering will be used by the
Company for exploration and working capital.
Certain insiders of the Company,
Jean-Luc Peyrot
(Director),
Alexandre P. Boivin
(President, Chief
Executive Officer and Director), and
Alexandre Lambert de Beaulieu
(Corporate Secretary and
Director), participated in the Offering. Such participation is considered a related party transaction
within the meaning of Multilateral Instrument 61-101 –
Protection of Minority Security Holders in
Special Transactions
("
MI 61-101
"). The related party transaction will be exempt from minority
approval and valuation requirements pursuant to the exemptions contained in Section 5.5(a) and
5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the
Offering nor the consideration to be paid by insiders will exceed 25% of the Company's market
capitalization.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of
any such jurisdiction. The securities referred in this news release have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended, (the "
U.S. Securities Act
"),
or any U.S. state securities laws, and such securities may not be offered or sold within
the United
States
or to any U.S. person absent registration under U.S. federal and state securities laws or an
applicable exemption from such U.S. registration requirements. "United States" and "U.S. person"
have the respective meanings ascribed to them in Regulation S under the U.S. Securities Act.
About Quimbaya
Quimbaya aims to consolidate gold reserves through exploration and acquisition of mining properties
in Antioquia,
Colombia
. Managed by an experienced team in mining sector, Quimbaya is focused on
3 projects in the regions of Segovia (the Tahami project),
Puerto Berrio
(the Berrio Project), and
Abejorral (the Maitamac Project), all located in the Antioquia Province,
Colombia
.
Cautionary Statements
This news release contains forward-looking information within the meaning of applicable securities
laws, for the purpose of providing information about management's current expectations and plans
relating to the future. Readers are cautioned that reliance on such information may not be
appropriate for other purposes. Any such forward-looking information may be identified by words
such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking
information contained or referred to in this news release includes, among others, statements relating
to completion of the Offering, regulatory approval for the Offering, insider participation in the
Offering, use of proceeds of the Offering and other similar statements. Forward-looking information