Colombia Crest Gold Closes Private Placement With IAMGOLD
08 November 2011 - 12:30AM
Marketwired
Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is pleased to
announce that the Company has closed the non-brokered private
placement with IAMGOLD as announced on October 26, 2011.
"This funding and vote of confidence from IAMGOLD is highly
beneficial for Colombia Crest's exploration program in Colombia."
commented Hans Rasmussen, President and CEO. "We can now aim for
more aggressive drilling of Arabia and any of our new near-term
drill targets over the next 12 to 15 months; as well, we will have
technical support from IAMGOLD to move the project forward to
development once a discovery is made."
The private placement consisted of 12,000,000 units issued at
$0.285 per unit for gross proceeds of $3,420,000. Each unit is
comprised of one common share of the Company and one-half warrant
with one full warrant exercisable to purchase one additional share
of the Company for $0.35 until October 31, 2013.
All shares issued as part of the private placement, and all
shares which are issued pursuant to the exercise of warrants, are
subject to a hold period expiring on March 1, 2012.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically
exploring, developing and monetizing promising new gold projects in
Colombia as well as realizing the potential of its 100
percent-owned San Simon project in Bolivia. The Company employs a
team of seasoned geologists, each with 20+ years of experience
exploring and discovering this type of porphyry deposit around the
world, including Argentina, Mexico, Alaska, Indonesia, and Eastern
Europe.
Along with a strong working capital position, the Company will
accelerate the exploration programs at the Fredonia and Venecia
projects where it has optioned over 34,000 hectares located in the
Cauca River Valley. Situated approximately 40 km south of the city
of Medellin, in Antioquia Province, the properties are positioned
within the Middle Cauca Belt, which is the most prolific gold belt
in Colombia with more than 500 years of gold mining history and
several new gold discoveries.
If you would prefer to receive news releases via email please
contact Colombia Crest (info@ColombiaCrestGold.com) and specify
"Colombia Crest news" in the subject line.
Please visit the Company's website at
www.ColombiaCrestGold.com.
Neither the TSX Venture nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Colombia Crest Gold Corp. Hans Rasmussen President and
CEO Office:
604-684-7160hans@colombiacrestgold.comwww.ColombiaCrestGold.com
Progressive Investor Relations Benjamin Curry Direct:
604-689-2881ben@progressive-ir.com
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