Colossus Minerals Secures $24.7 Million Gross In Bought Deal

Colossus Minerals Inc. announced that it has closed a bought deal for 11.5 million units, each unit going for $2.15. Total proceeds are $24.7 million. As is usual, each unit contains a share and half of a warrant. These warrants are good for purchasing a share of Colossus at $2.70 until March 11, 2011. The news release contains further details, including a special expiry-acceleration feature on the warrants. The funds will be used for exploration of Colussus' Serra Pelada project, other exploration initiatives, and for "general corporate purposes."

Colossus is currently trading at $1.65, well below the $2.15 unit price, although it's also above the early-morning low of $1.55.

Colossus Mineral Inc.'s Google Finance web page is here.

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