05:04 PM EDT, 10/23/2025 (MT Newswires) -- Quimbaya Gold ( QIMGF ) after trade Thursday said it will raise $10.01 million in a bought-deal private placement of 14.3-million share units priced at $0.70 per LIFE Unit.

The company said has granted to the underwriter an option, exercisable up to 48 hours prior to the closing date, to purchase for resale up to an additional 15% of LIFE Units at the offering price for additional gross proceeds of up to C$1,501,500.

A statement noted each LIFE Unit will consist of a share and one-half of a three-year warrant to buy a share for $1.00.

Thursday's statement said the net proceeds from the offering are expected to be used to advance the company's exploration programs, including drilling at the Tahami South project and follow-up work on regional copper-gold and gold targets, as well as for general working capital.

Quimbaya closed unchanged at $0.77 on the Canadian Securities Exchange today.