WOW! Now those are impressive drill results. Colossus is way under valued.
Colossus Minerals (COLUF) is known for ultra rich ore grades.
Gold, Platinum, Palladium.
Serra Pelada Project in Brazil is on track to achieve commercial production within the next 18 months.
Check out the massive April drill results linked below.
Several more upbeat reports on Colossus Minerals and its uniquely high grades linked here. http://www.theaureport.com/pub/co/597
Put me in the camp that thinks Colossus is a must own stock!
I have owned this one several times as it rocketed upward. Has recently been trending down. Was usually viewed as a potential acquisition for a bigger player, which drove it forward in the last couple years (along with some great drill results).
This is one to watch, huge, rich grades of gold + PGMs and a resource that is growing big.
Maybe a buyout?
These companies come up with some creative ways to get big $$.
Colossus arranges $75-million bought deal financing
2011-10-13 12:50 ET - News Release
Ms. Ann Candelario reports
COLOSSUS MINERALS INC. ANNOUNCES CAD$75,000,000 BOUGHT DEAL
Colossus Minerals Inc. has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate of underwriters consisting of Clarus Securities Inc., Canaccord Genuity Corp. and GMP Securities LP, with PowerOne Capital Markets Ltd. to act as a selling group member, pursuant to which the underwriters have agreed to sell, on a bought deal basis, 75,000 units of the company at a price of $1,000 per unit for gross proceeds to the company of $75-million. Each such unit shall consist of a $1,000 face value senior unsecured gold-linked note and 60 common share purchase warrants.
The notes will mature on Dec. 31, 2016, and will bear interest, accruing and calculated and payable semi-annually in arrears on June 30 and Dec. 31 of each year, at a rate of between 6 per cent and 13 per cent, dependent on the simple average of the London PM gold fixing price. The notes will yield 9 per cent based on the current London PM gold fixing price. The first interest payment date is Dec. 31, 2011, and will consist of interest accrued from and including the closing date calculated in accordance with the simple average of the London PM gold fixing price during the stub interest payment period.
Subject to any required regulatory approval and provided no event of default has occurred, the company has the option, upon not more than 60 nor less than 40 days prior notice, to satisfy its obligations to pay on redemption or maturity the principal amount of and premium (if any) on the notes, in whole or in part, by delivering freely tradable common shares. The company may elect from time to time, subject to any required regulatory approval and provided that no event of default has occurred, to satisfy all or part of its interest payment obligations by delivering sufficient freely tradable common shares to a trustee for sale, in which event holders of the notes will be entitled to receive a cash payment equal to the interest owed from the proceeds of the sale of the requisite number of common shares by the trustee.
The notes will rank subordinate in right of payment of principal and interest to all senior obligations of the company to a maximum principal amount of $25-million, but pari passu with any existing unsecured senior obligations outstanding of the company.
Each warrant shall entitle the holder thereof to acquire one common share of the company at a price of $8.50 for a period of five years following the closing date.
The underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the offering, to purchase up to an additional 15 per cent of the units of the company. In the event that the option is exercised in its entirety, the total gross proceeds of the offering will be $86,250,000. Closing of the offering is expected to occur on or about Nov. 8, 2011, and is subject to regulatory approval, including that of the Toronto Stock Exchange.
The units will be offered by way of a short form prospectus in all provinces in Canada, except Quebec. The issuer agrees that the underwriters may distribute the units in the United States by private placement to qualified institutional buyers, as defined in Rule 144A, and such other jurisdictions as may be agreed upon by the company and the underwriters.
The company intends to use the net proceeds of the offering to finance advancement of the Serra Pelada project and for general corporate purposes, including working capital.