BRAZIL – Colossus Minerals of Toronto has completed a $37.95-million bought deal financing with which to fund further development at its 75% owned Serra Pelada gold-platinum-palladium project in Para State. The company issued 44 million units at a price of $0.75 each, plus another 6.6 million to the underwriters. Each unit consists of one common share and one-half of a share purchase warrant. Each whole warrant allows the holder to purchase one common share at a price of $0.90 within the next two years. Gold at Serra Pelada was first discovered in 1979, and over the next decade artisanal miners removed approximately 2 million oz of gold plus PGMs from the site. In 2007 a Brazilian company was granted an exploration license. Later the same year, Colossus became a joint venture partner and operator at Serra Pelada. Now Colossus is developing a 1,000-t/d underground mine and mill with production to begin late in 2014. The production target was recently pushed back due to dewatering problems. Project details and a stunning photo gallery are posted at ColossusMinerals.com.
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