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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, Oct. 02, 2025 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (NYSE:CNL, TSX:CNL) ("Collective" or the "Company") is pleased to announce that due to strong demand, it has increased the size of the previously announced bought deal of common shares to 6,600,000 common shares (the "Common Shares") at a price of C$19.00 per Common Share (the "Issue Price") for gross proceeds of approximately C$125 million (the "Offering"). The Company previously entered into an agreement with BMO Capital Markets and Scotiabank as joint bookrunners on behalf of a syndicate of underwriters (collectively, the "Underwriters"). The Company has granted the Underwriters an option (the "Over-allotment Option"), exercisable in whole or in part, to purchase up to an additional 990,000 Common Shares for a period of 30 days from and including the closing date of the Offering to cover over-allotments, if any, and for market stabilization purposes. The Underwriters shall be under no obligation whatsoever to exercise the Over-allotment Option in whole or in part. If the Over-allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be approximately C$144 million. The Offering is expected to close on or about October 8, 2025 and is subject to Collective receiving all necessary regulatory approvals.
The Company intends to use the net proceeds from the Offering to fund ongoing work programs to advance the Guayabales Project, to pursue other exploration and development opportunities, and for working capital and general corporate purposes.
Posted In: CNL
