05:17 PM EDT, 06/05/2024 (MT Newswires) -- Quimbaya Gold ( QIMGF ) on Wednesday said it is completing a private placement of share units to raise $3 million

The company is selling 6-million units priced at $0.50 each and made up of a share and one half of a one-year warrant to buy a second share for $0.75.

The company has closed the first tranche of its private placement of 2.4 million Units for an aggregate of $1.2 million.

Proceeds from the private placement will be used to fund the company's projects and for general working capital purposes.