Within the Colombian mining industry, Serafino Inacono is one of the most renowned personalities. Among other things, as co-founder of Gran Columbia Gold – now Aris Mining (market cap 1.61 billion CAD) – he significantly contributed to reviving and advancing the mining sector in Colombia. Now he is becoming privately active and investing 500,000 Canadian dollars (CAD) in the young gold explorer Quimbaya Gold (CSE: QIM / WKN:A3DT3C).
When proven mining giants, be they companies or individuals, invest in young companies, investors should always take notice, as the new engagement is usually preceded by numerous discussions and careful due diligence. Serafino Iacono is such a personality. He helped build Gran Columbia Gold and, through his involvement, significantly contributed to elevating the company, which has since been acquired by Aris Mining, to a major player in the country’s gold mining industry.
Currently serving as Executive Chairman of Denarius Metals, this does not prevent him from privately investing in other very promising exploration companies. Quimbaya Gold is one of these companies, and at 500,000 CAD, the chosen investment is not exactly small. This demonstrates that Serafino Iacono considers Quimbaya’s three gold projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project) to be very promising.
Quimbaya Gold Gains Fresh Capital and Proven Expertise
For Quimbaya Gold, this investment is more than just fresh capital for its own development. Both Serafino Iacono and Quimbaya view the investment as strategic, and one can expect that the exchange will not only be constant but also intensive in the future. As a shareholder, the Denarius Metals Chairman also has a personal interest in further advancing Quimbaya Gold. Therefore, in the future, not only Denarius Metals but also Quimbaya Gold will benefit from his extensive expert knowledge. This should prove beneficial for the development of the three drill-ready projects in the province of Antioquia.
Accordingly, Alexandre P. Boivin, President and CEO of Quimbaya Gold, expressed his delight about the financial commitment of his industry colleague: “The recognition of our hard work over the past few years by industry leaders like Serafino Iacono is a real validation of our strategy and our assets. With strong exploration results, a drill-ready portfolio, and the right people on board, we are incredibly excited about the future, especially as we prepare for the start of drilling at Tahami South. This is a crucial moment for Quimbaya, and we are only at the beginning.”
Quimbaya Gold is Uniquely Positioned in Terms of Geology, Timing, and Leadership
In total, Quimbaya Gold plans to issue up to 5,714,286 units of the company at a price of 0.35 CAD per unit as part of the non-brokered private placement. If this number is fully utilized, the company will have up to 2 million CAD available as general working capital and capital for upcoming drilling and development work. The fact that Serafino Iacono alone wants to subscribe to a quarter of this sum speaks for itself.
Each unit consists of one common share of the company and one warrant. The option entitles the holder to acquire one share at a price of 0.60 CAD per share within a period of 36 months. The remaining 75% of the placement was also subscribed by experienced investors.
“I believe that Quimbaya is uniquely positioned at the intersection of geology, timing, and leadership. The team is aligned, the land is exceptional, and in this emerging gold environment, now is the right time”, Serafino Iacono commented on his new investment. “I look forward to supporting a company that understands what it takes to write a real gold story in Colombia.”
