/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICE OR FOR
DISSEMINATION IN THE UNITED
STATES/
TSX-V: CXO
VANCOUVER, BC, Aug. 26, 2020 /CNW/ - COLORADO RESOURCES LTD. (TSXV:
CXO) ("Colorado" or
the "Company") announces a non-brokered private placement
comprised of up to 2,142,857 units of the Company (the
"Units") at a price of $0.70
per Unit for gross proceeds of up to $1,500,000 (the "Offering").
Each Unit will consist of one common share in the capital of the
Company and one-half of one non-transferable share purchase
warrant, with each whole warrant entitling the holder to acquire an
additional common share of the Company at an exercise price of
$1.00 per share with an expiry date
of 24 months after completion of the Offering (the "Closing
Date").
The Company may pay finders fees in accordance with the rules
and policies of the TSX-V. The Offering remains subject to the
approval of the TSX-V. All securities issued in the Offering will
be subject to a statutory hold period of four months and a day from
the Closing Date of the Offering.
The proceeds raised by the Company from the sale of the Units
will be used for working capital purposes and for exploration on
the Company's mineral properties.
Tony Barresi, Colorado's recently appointed President
comments: "This financing is in-line with Colorado's methodical and stepwise approach to
recapitalization, rebranding, and value creation. With new
motivated management and technical teams, a fresh capital
structure, and an enviable portfolio of properties in British Columbia's hottest exploration
districts, Colorado is positioning
itself for a return to prominence. This financing will allow the
team at Colorado to focus on two
critical activities, first, building public confidence in the new
management and technical teams through investor outreach and
engagement, and second demonstrating the ability of the new team
through design and execution of an aggressive multi-property
exploration program in 2021."
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
We seek safe harbor.
About Colorado
Colorado Resources Ltd. is exploring for high-grade gold and
copper with a focus on the Golden Triangle and Toodoggone areas of
British Columbia. The property
portfolio includes the Company's flagship Castle property, a
porphyry copper-gold project located in the Red Chris mining
district of the Golden Triangle neighbouring GT Gold's Tatogga
property, and Newcrest Mining's GJ property. Other properties
include KSP, North ROK, ROK-Coyote, and Kingpin in the Golden
Triangle, Sofia in the Toodoggone
district, and Heart Peaks and Hit in other strategic districts
within British Columbia. These
assets are being advanced by a newly assembled technical and
management team with experience in exploration, permitting and
discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
"Joseph
Mullin"
Joseph Mullin
Chief Executive Officer and Director
NR 20-15
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since the Company can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
Colorado expectations.
Forward-looking statements are based on estimates and opinions of
management at the date the statements are made. Colorado does not undertake any obligation to
update forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
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.
SOURCE Colorado Resources Ltd.
