Antioquia Gold Inc.'s rights offering raised approximately C$27 million after expiring May 28, and funds will go toward developing its Cisneros gold property in Colombia.
The company first outlined plans to raise up to C$62.5 million in late August 2017 and filed a short-form prospectus in April.
Antioquia issued 642,161,218 common shares, including 638,796,593 common shares to Infinita Prosperidad Minera SAC under a standby commitment. As a result, Infinita Prosperidad's interest in the company's issued and outstanding shares increased from 70% to 89.0%.
Proceeds will go toward plant construction, mine development, support areas, tailings deposits and pipeline, infrastructure, studies, mine equipment, general corporate costs and working capital.
Initial production tests are expected to begin in the third quarter.
