09:08 AM EDT, 10/08/2025 (MT Newswires) -- Collective Mining Ltd. ( CNL ) was at last look up 2.1% in US premarket trade after it announced Wednesday the closing of its upsized "bought deal" public offering of 6.6 million common shares of the company at a price of C$19.00 each for aggregate gross proceeds of C$125.4 million.

Concurrently with the closing of the public offering, the company said it completed a non-brokered private placement with Agnico Eagle Mines Limited ( AEM ) , whereby Agnico purchased 789,473 shares at the issue price for gross proceeds of near C$15 million, pursuant to the exercise of its participation rights in equity financings of the company.

The company said it intends to use the net proceeds from the public offering and the concurrent private placement to fund ongoing work programs to advance the Guayabales Project, including further investment in exploration activities, technical studies and underground development on the Guayabales Project in order to expand the known gold deposits, to pursue other exploration and development opportunities, and for working capital and general corporate purposes, all as more particularly described in the prospectus supplement of the company dated October 3, 2025, and filed in each of the provinces and territories of Canada, other than Quebec and Nunavut.