Columbus Exploration Corporation
TSX VENTURE : CLX

Columbus Exploration Corporation

July 17, 2015 09:14 ET

Columbus Exploration Completes Over-Subscribed Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 17, 2015) -

NOT FOR U.S. DISTRIBUTION

Columbus Exploration Corporation (TSX VENTURE:CLX) is pleased to announce that it has closed its over-subscribed non-brokered private placement previously announced on May 19 and July 15, 2015. Total gross proceeds of CDN$1,511,908.71 were raised from the sale of 7,559,544 common shares at a price of CDN$0.20 per share. The private placement was over-subscribed by approximately 16.3% above the minimum financing target of CDN$1,300,000. Finders' fees totalling CDN$43,824.00 were paid in connection with the Private Placement.

A total of 5,258,048 common shares issued under the private placement and the proceeds raised therefrom in the amount of $1,051,609.36 are being held in escrow pending completion of the company's previously announced proposed reversed take-over of Agricola Nuova Terra Guatemala S.A. (the "RTO") (as announced in Columbus Exploration's news release of April 29, 2015).

Columbus Exploration completed the private placement as a condition of the RTO. Partial non-escrowed proceeds have been used to advance a bridge loan of US$300,000 to Agricola and by Columbus Exploration to increase the production of organic fruits and vegetables and for the build-out of greenhouses in Guatemala.

ON BEHALF OF THE BOARD,

Peter Gianulis, President, CEO, and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information contact:

This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation this news release contains forward-looking statements pertaining to Columbus Exploration's use of proceeds of the private placement. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation: the ability to acquire necessary authorization for the RTO; the entering into a definitive agreement; obtaining approval of the TSXV for the RTO; obtaining approval of shareholders; obtaining applicable US approvals; projected sale figures of Agricola; cost increases; possibility of a competing offer arising; unforeseen circumstance cost increases; unforeseen circumstances; the availability of greenhouses; risks associated with the exploration projects or title thereto held by Columbus Exploration; mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: general business and economic conditions; the timing and receipt of required approvals; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. Although the foregoing forward-looking statements are considered reasonable at the time of preparation, the aforementioned assumptions and factors may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The aforementioned factors and assumptions are not exhaustive. Columbus Exploration's actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. The foregoing list is not exhaustive and Columbus Exploration undertakes no obligation to update any of the foregoing except as required by law.

Contact Information