Colombia Goldfields Ltd. (CGDF.OB) announced that the company has closed their recently announced private placement agreement. As a result, Colombia has issued 9,165,226 units at a price of Cdn $1.10 per unit, providing the company with a gross profit of Cdn $10,081,749. Each unit will consist of one common CGDF.OB share and one-half share purchase warrant.
The net proceeds of this agreement will be used to advance the purchase of the legal mining claims and milling operations on Marmato Mountain, for exploration expenditures, to repay related party debts, and for general corporate expenses.
Colombia also stated that these units will not be registered under the U.S. Securities Act of 1933 or be registered under any state securities laws. Furthermore, these units may not be offered or sold within the United States unless one meets all requirments specified under the Securities Act of 1933.
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