11:03 AM EDT, 10/24/2025 (MT Newswires) -- Quimbaya Gold ( QIMGF ) said Friday that it upsized its bought deal private placement to C$12.5 million from $10 million.

The offering now comprises 17.9 million LIFE units at $0.70 apiece.

The company also granted the underwriter an option to purchase for resale up to an additional 15% of LIFE units at the same price, raising up to $1.9 million in additional proceeds.

Each LIFE unit will consist of one common share and one-half of a warrant. Each warrant can be exercised for $1 per share for 36 months.

Quimbaya plans to use the proceeds to advance its exploration programs, including drilling at the Tahami South project in Colombia, follow-up work on regional copper-gold and gold targets, and for general working capital.

The offering is scheduled to close around Nov. 4.

Quimabaya's share price dropped 10.4% at last look to $0.69 on the Canadian Securities Exchange.

Price: 0.68, Change: -0.09, Percent Change: -11.69