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Financings

Colossus Resources Corporation Closes Non-Brokered Private Placement Financing and Debt Settlement

By The Northwire Desk — AI Analysis Oct 08, 2025 · 13:07 CLUS · 0.08 Colossus Resources Corp.
CLUS · Price

Executive Summary

  • Colossus Resources Corp. closed a non‑brokered private placement of 1,800,000 units at CDN $0.05 per unit, raising CDN $90,000 for general working capital.
  • The company also settled debt by issuing 4,087,650 common shares (deemed price CDN $0.05) to extinguish CDN $204,382.50 of obligations.
  • Director Geoff Hampson resigned from the board.

Key Details

  • Private Placement:
  • Units issued: 1,800,000
  • Price per Unit: CDN $0.05
  • Gross proceeds: CDN $90,000
  • Composition of each Unit: 1 common share + ½ common share purchase warrant (full warrant allows purchase of one additional common share at CDN $0.10 for two years).

  • Hold period: four months and one day for all securities issued.

  • Debt Settlement (Shares for Debt Transaction):

  • Common shares issued: 4,087,650
  • Deemed price per share: CDN $0.05

  • Total debt settled: CDN $204,382.50

  • Related‑Party Participation:

  • Insiders/non‑arm’s length parties received 2,606,000 common shares to settle CDN $130,300 of the debt.

  • Same parties purchased 200,000 units (CDN $10,000) in the private placement.

  • Regulatory Notes:

  • Both transactions qualify as “related party transactions” under MI 61‑101 and were exempt from valuation and minority‑shareholder approval requirements due to size thresholds.

  • No material change report filed prior to closing because related‑party participation was not confirmed at that time.

  • Director Change:

  • Geoff Hampson resigned as a director; the board thanked him for his service.

Notable Quotes

  • “On behalf of the Board of Directors, we thank Mr. Hampson for his contributions,” said Charalambos (Harry) Katevatis, President & CEO.
Read the original news release →