Collective Mining raises $100m to fund Colombian exploration push
Collective Mining, a Canadian explorer founded by the team that built and sold Continental Gold to Zijin Mining for about $2-billion, has raised C$100-million to accelerate drilling at its Colombian projects.
The Toronto- and New York-listed company said on Wednesday it had struck a bought deal financing with BMO Capital Markets and Scotiabank to sell 5.27-million shares at C$19 apiece. The underwriters have an option to take up an additional 790 500 shares, which would lift proceeds to about C$115-million. Closing is expected on October 8.
The funds will be used to advance the company’s flagship Guayabales project in Caldas, central Colombia, as well as for broader exploration, development opportunities and corporate purposes.
Collective was founded by the principals of Continental Gold, the Colombia-focused developer sold to Zijin Mining in 2020, and is led by executive chairperson Ari Sussman, who co-founded Continental. The group is seeking to repeat that success in the same region, where it holds options to acquire 100% of two projects in a well-established mining camp with ten operating mines.
Guayabales is anchored by the Apollo system, a bulk-tonnage, high-grade gold/silver/copper/tungsten discovery that the company believes has district-scale potential. Drilling is targeting expansion of the high-grade Ramp zone and several greenfield targets.
In parallel, Collective has embarked on its largest drill campaign to date at the nearby San Antonio project, where it is probing the newly identified Pound porphyry system. The project lies only a few kilometres from Guayabales, raising the possibility of shared infrastructure in future development scenarios.
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