Vancouver's Columbus Gold Corp. (TSX-V:CGT) has successfully closed the initial public offering of Columbus Silver Corp. (TSX-V:CSC), formerly a wholly-owned subsidiary of the company.
Columbus Silver issued 7.2 million units at $0.25 each to raise more than $1.8 million. Each unit consists of one common share and one non-transferable common share purchase warrant entitling the holder to acquire an additional common share at $0.70 over the next 18 months.
Columbus Silver owns a number of silver projects previously owned by Columbus Gold. The management at Columbus Gold spun out the silver projects from its portfolio because it believed that investors didn't properly understood the value of the silver properties.
Columbus Gold's share price range during the past week: between $0.15 and $0.18; 52-week high: $1.51; 52-week low: $0.14.