Quimbaya Gold Inc. (CNSX:QIM) entered a letter of intent to acquire Explogold Ingenieria y Consultoria S.A.S. on May 15, 2023. As of June 14, 2023, Quimbaya Gold Inc. (CNSX:QIM) entered into a definitive agreement to acquire Explogold Ingenieria y Consultoria S.A.S.. In related acquisitions, Quimbaya also entered into definitive agreements to acquire Minera Buey Aures S.A.S. and Soluciones Ambientales Del Nordeste S.A.S.. The purchase price payable for all the three transactions by Quimbaya for all of the issued and outstanding Shares shall be satisfied by: (i) the payment by Quimbaya to Remandes of a deposit in the amount of CAD0.1 million to be used by Remandes in accordance with an approved budget mutually agreed upon by the parties; and (ii) the issuance of 10 million shares in the share capital of Quimbaya to Remandes (the "Consideration Shares"). 2 million of the Consideration Shares will be retained by Quimbaya (the "Holdback Consideration Shares") subject to the completion of the transfer of certain mining applications to Quimbaya. The Consideration Shares and the Holdback Consideration Shares will be subject to a 24 month contractual escrow arrangement, in addition to any escrow requirements required under applicable securities laws and stock exchange rules. The completion of the Transaction is subject to the satisfaction of various conditions as the negotiation and execution of a definitive agreement, completion of satisfactory due diligence investigations of Remandes and the Companies and receipt of all applicable regulatory, shareholder and third party approvals. In addition, the closing of each of the Definitive Agreements is conditional of the closing on each of the acquisitions closing.

Quimbaya Gold Inc. (CNSX:QIM) completed the acquisition of Explogold Ingenieria y Consultoria S.A.S. on December 21, 2023.