Quimbaya Gold Inc announced a private placement to issue 6,000,000 Units at a price of CAD 0.50 per unit for the gross proceeds of CAD 3,000,000 on June 5, 2024. Each Unit is composed of one common share and ne-half non-transferable share purchase warrant. Each Warrant is exercisable to purchase one additional common share for a period of one year from the date of closing of the Private Placement at an exercise price of CAD 0.75 per Warrant. The Company reserves the right to accept additional funds, subject to regulatory approval, should the Private Placement be oversubscribed. The completion of the Private will be subject to Canadian Securities Exchange ("CSE") approval. All shares issued pursuant to this Private Placement and any shares issued pursuant to the exercise of warrants will be subject to a four-month and one day hold period from the closing date.

On the same date, the company announced that it has closed the first tranche of 2,482,140 Units for an aggregate of CAD 1,241,070. Certain insiders of the Company, Jean-Luc Peyrot, Alexandre P. Boivin and Alexandre Lambert de Beaulieu participated in the Private Placement.