Columbia Metals plans C$3.2 million unit offering

By Sheri Kasprzak

New York, May 12 - Columbia Metals Corp. Ltd. is negotiating C$3.2 million private placement.

The company plans to sell units of one share and one half-share warrant. Each whole warrant will be exercisable for 18 months.

M Partners Inc. is the placement agent for C$2 million of the offering and the rest will be non-brokered.

The deal will be priced at a later time, according to a statement from the company.

The proceeds will be used for exploration on the company's Mexican gold project. The rest will be used for working capital.

Toronto-based Columbia is a gold exploration company.

The stock gained a penny on Friday to close at C$0.60 (TSX Venture: COL).

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