Mining News: Northern Neighbors: Colorado financing benefits from $910K lift by Kinross

Colorado Resources Ltd. June 1 reported the completion of the final tranche of a C$4.73 million non-brokered private placement. In this final tranche, 2.6 million units were issued to Kinross Gold Corp. at C35 cents each for gross proceeds of C$910,000. Each unit consisted of one Colorado Resources common share and one warrant, which entitles the holder to acquire an additional share for C50 cents until June 1, 2018. In total, Colorado issued 9,274,931 non-flow-through units at C35 cents each and 3,542,334 flow-through units at 42 cents in three tranches of the financing. “Kinross increasing its shareholding is a strong vote of confidence in our technical team and our projects. The closing of this placement along with the funds we already had on hand have provided us a path to earning a controlling interest in the KSP project,” said Colorado President and CEO Adam Travis. “KSP is clearly one of B.C.’s best exploration projects centered in the heart of the Golden Triangle. We look forward to commencing drilling shortly on our Inel high-grade gold target as soon as conditions allow.”

–Shane Lasley