WASHINGTON, D.C., Dec. 24, 2013 /CNW/ - IFC, a member of the World Bank Group, announced today that it has entered into an agreement (the "Agreement") with Colombian Mines Corporation ("Colombian") to acquire ownership of 3,333,333 units (the "Units") issued by Colombian at a price of Cdn$0.30 per Unit. Each Unit is composed of one common share of Colombian ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of Cdn$0.45 per Common Share for a period of five years.
The issue price per Unit is Cdn$0.30 for a total purchase price of Cdn$1,000,000. It is expected that upon the closing of this investment there will be 42,158,427 Common Shares outstanding. Immediately upon the closing of this investment, it is expected that IFC will directly hold 7.9% of Colombian's outstanding share capital and approximately 14.7% of Colombian's outstanding share capital assuming the exercise of all of the Warrants held by IFC. IFC is acquiring the Units by way of private placement pursuant to the terms of an equity and warrant subscription agreement containing customary terms and conditions as well as certain rights including, without limitation, information, policy and pre-emptive rights. This investment is subject to customary conditions precedent and is expected to close in December 2013 or in January 2014. IFC is acquiring the Units for investment purposes. IFC may, in the future, take such actions in respect of its holdings as IFC deems appropriate in light of the circumstances then existing.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly US$25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges. For more information please visit www.ifc.org.
IFC is an international organization established by Articles of Agreement among its member countries, including Canada, and as such, enjoys certain immunities, privileges and exemptions, including the freedom of all of its property and assets from restrictions, regulations, controls and moratoria of any nature. The voluntary provision by IFC of this news release does not in any way constitute or imply a waiver, termination or modification by IFC of any privilege, immunity or exemption of IFC granted in the Articles of Agreement establishing IFC, international conventions, or applicable law.
SOURCE: International Finance Corporation
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