Colombia Crest Gold Applies to Extend Warrants and Grants Incentive Options
November 14 2011 - 4:00PM
Marketwired
Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is applying to the
TSX Venture Exchange for permission to extend the exercise terms of
certain outstanding share purchase warrants by one year.
On December 4, 2009 the Company distributed 11,000,000 units at
the price of US$0.05 per unit by way of non-brokered private
placement ("PP#1"). Each unit was comprised of one common share and
one warrant exercisable to purchase one additional common share for
US$0.10 for a period of one year.
In mid-December, 2009 the Company consolidated its shares on a
10:1 basis, with the result that the 11,000,000 PP#1 units became
1,100,000 units, effectively resulting in a post-consolidation
acquisition cost to the subscribers of US$0.50 per unit, with each
unit comprised of one common share and one warrant (a "PP#1
Warrant") exercisable to purchase one additional common share for
US$1.00 for a period of one year.
Subsequent to the 10:1 consolidation, on December 24, 2009, the
Company completed another non-brokered private placement of units
at the price of CAD$0.50 per unit ("PP#2"). Each of those units was
comprised of one common share and one warrant ("PP#2 Warrant")
exercisable to purchase one additional common share for CAD$0.75
for a period of two years. The PP#2 Warrants currently expire on
December 24, 2011. None of the PP#2 Warrants has been
exercised.
During July, 2010, the expiry date of the pre-consolidation PP#1
Warrants was extended from December 4, 2010 to December 4, 2011 and
the exercise price of the PP#1 Warrants was reduced from US$1.00 to
C$0.75 to match the exercise price of the PP#2 Warrants. None of
the PP#1 Warrants has been exercised.
The Company now intends to apply to the Exchange for permission
to extend the exercise term of the PP#1 Warrants to December 4,
2012 and to extend the exercise term of the PP#2 Warrants to
December 24, 2012. The Company will not be seeking a reduction of
the exercise price of any warrants. The proposed amendments are
subject to acceptance by the TSX Venture Exchange.
Incentive Options
Subject to acceptance by the TSX Venture Exchange, the Company
has granted to management and certain technical consultants,
incentive options for the purchase of up to 2,500,000 common shares
of the Company. These options have an exercise price of $0.35 per
share and expire November 14, 2016.
Any shares issued to directors and officers pursuant to the
exercise of options granted to them will be subject to a four month
hold period commencing on the date of the grant. Shares issued to
other optionees on the exercise of such options will not be subject
to any hold period.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically
exploring, developing and monetizing promising new gold projects in
Colombia as well as realizing the potential of its 100
percent-owned San Simon project in Bolivia. The Company employs a
team of seasoned geologists, each with 20+ years of experience
exploring and discovering this type of porphyry deposit around the
world, including Argentina, Mexico, Alaska, Indonesia, and Eastern
Europe.
Along with a strong working capital position, the Company will
accelerate the exploration programs at the Fredonia and Venecia
projects where it has optioned over 34,000 hectares located in the
Cauca River Valley. Situated approximately 40 km south of the city
of Medellin, in Antioquia Province, the properties are positioned
within the Middle Cauca Belt, which is the most prolific gold belt
in Colombia with more than 500 years of gold mining history and a
several new gold discoveries.
If you would prefer to receive news releases via email please
contact Colombia Crest (info@ColombiaCrestGold.com) and specify
"Colombia Crest news" in the subject line.
Neither the TSX Venture nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Colombia Crest Gold Corp. Hans Rasmussen President and
CEO 604-684-7160hans@colombiacrestgold.comwww.ColombiaCrestGold.com
Progressive Investor Relations Benjamin Curry Direct:
604-689-2881ben@progressive-ir.com
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