Tolima Gold Announces Private Placement of Common Shares
December 23 2013 - 3:01PM
Marketwired
Tolima Gold Announces Private Placement of Common Shares
TORONTO, ONTARIO--(Marketwired - Dec 23, 2013) - Tolima Gold
Inc. (TSX-VENTURE:TOM) ("Tolima" or the "Company") is pleased to
announce a non-brokered private placement offering of 16,100,000
common shares at price of $0.05 per share for aggregate gross
proceeds of $805,000 (the "Purchase Price").
Tolima intends to use the Purchase Price for working capital and
general corporate purposes. The common shares issued under the
private placement will be subject to a four month hold period from
the closing date under applicable Canadian securities laws. The
private placement is subject to all necessary regulatory approvals
including from the TSX Venture Exchange.
Some subscribers are insiders of the Company, and the private
placement constitutes a "related party transaction" within the
meaning of Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The Company is relying upon the exemptions from the
formal valuation and minority shareholder approval requirements in
relation to the private placement pursuant to sections 5.5(a) and
5.7(1)(a), respectively, of MI 61-101 on the basis that neither the
fair market value of the subject matter of, nor the fair market
value of the consideration for, the private placement, exceeds 25%
of the Company's market capitalization calculated in accordance
with MI 61-101.
The Company is not in a position to file material change report
more than 21 days before the advance of the Purchase Price under
the private placement as the details of the private placement were
settled on an expedited basis for sound business reasons.
About Tolima Gold Inc.
Tolima is a gold exploration and development company with
contractual interests in gold properties in Colombia. Tolima's
mineral properties are the Remedios Project, located in the
Remedios/Segovia mining district, including the San Pablo and
Bartola mines, located in the Antioquia Department of Colombia; the
Ancal/Marmato Project, located in the Marmato/Caramanta district in
the Caldas and Antioquia Departments of Colombia; and the Nortol
project, including the newly acquired Papayo property, located in
the Northern part of the Tolima Department of Colombia. Tolima
continues to explore opportunities for the acquisition of
additional mining interests in prospective mining districts in
Colombia.
Forward-Looking Statements
Certain statements in this press release that are predictive in
nature, that depend upon or refer to future events or conditions,
or that include words such as "expects", "anticipates", "intends",
"plans", "believes", "estimates", or similar expressions, are
forward-looking statements within the meaning of securities
law.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Tolima Gold Inc.Andrew DeFrancesco(416) 362-4441Tolima Gold
Inc.Lisa-Marie Iannitelli(416) 362-4441
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