Columbia Metals Corporation Limited

Columbia Metals Corporation Limited

October 28, 2005 16:46 ET

Columbia Announces Closing Of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 28, 2005) - Columbia Metals Corporation Limited (TSX VENTURE:COL) announced today the closing of its announces the closing of its previously announced private placement financing. Under the expedited private placement financing, gross proceeds of $345,800, representing 691,600 units at a price of $0.50 per unit have been received. Each unit is comprised of one common share and one half of one common share purchase warrant of Columbia. Each whole common share purchase warrant is exercisable for one Columbia share at $0.80 per share up to and including October 27, 2006, or, if and to the extent not exercised by that date, at $1.00 per share up to and including October 27, 2007.

Crowthorn Capital Corporation and Union Securities Ltd. have received a finder's fee in the amount of $12,967.50 each respectively. Additionally, Union Securities Ltd. has also received 51,870 non-transferable broker's warrants exercisable for one Columbia share at $0.50 up to and including October 27, 2007.

Columbia intends to use the proceeds of the private placement financing for general working capital and the development work on Columbia's properties in Mexico.

Shares Outstanding: 43,645,577

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Columbia Metals Corporation Limited
    Carl Di Placido
    (416) 364-6799
    (416) 364-2595 (FAX)