Colibri Announces Closing of First Tranche of Its Non-Brokered Private Placement and Sale of Its RC Drill Rig
Colibri Announces Closing of First Tranche of
Its Non-Brokered Private Placement and Sale
of Its RC Drill Rig
Dieppe, New Brunswick--(Newsfile Corp. - September 6, 2024) - Colibri Resource Corporation (TSXV:
CBI) ("Colibri" or the "Company") is pleased to announce that, further to its news release of August 23,
2024, it has closed the first tranche of its previously announced non-brokered private placement (the
"Offering") of units ("Units") for aggregate gross proceeds of $305,500. Each Unit consists of one (1)
common share (a "Common Share") and one (1) common share purchase warrant (the
Warrants
) of the
Company. Each Warrant entitles the holder to acquire one additional Common Share of the Company at
a price of C$0.075 for a period of 24 months following issuance.
Certain insiders of the Company have acquired an aggregate of 550,000 Units in the Offering for gross
proceeds of $27,500. Participation by insiders in the private placement constitutes a related party
transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in
Special Transactions. This participation is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as neither the fair market value of the units subscribed for by the
insiders, nor the consideration for the units paid by such insiders, exceeds 25% of the Company's
market capitalization.
The Common Shares and Warrants are subject to a statutory hold period expiring on the date that is four
months and one day after closing.
The Company anticipates completing a second tranche of the Offering within the next few weeks.
The Offering, including the terms of the Offering, received the conditional approval of the Exchange prior
to closing but is subject to the final approval of the Exchange. The net proceeds of the offering will be
used for exploration expenses at the Company's highly prospective precious metals projects in Mexico,
including the Pilar gold project and the EP gold project as well as for working capital.
The Company also wishes to announce that it has sold its RC Drill Rig to a private company in
Hermosillo Mexico for a total consideration of USD $395,000 which consisted of cash and drill credits. A
portion of the proceeds is expected to be applied to an upcoming drilling program at the EP Gold
Project where the Company intends to complete its first drilling program at the high priority San Perfecto
target.
The San Perfecto target area is characterized by variably to strongly altered volcanic and intrusive rocks
and has a mineralized footprint of approximately 1,250m by 700m which remains open to the southeast.
A total of 616 samples are reported from the San Perfecto target surface area (102 by Colibri and 514
historical) of which 315, approximately 50 per cent, have returned values greater than 0.10 g/t Au and
213, approximately 35 per cent, have returned assay values greater than 0.25 g/t Au. Ninety-one
samples (approximately 15 per cent of the total) have returned Au assays greater than 1.00 g/t with the
highest grades, up to 58.9 g/t Au being associated with strong silicification and veins in faults zones.
A number of historical (artisanal) pits have been developed in the San Perfecto area including a larger
production pit with a surface opening approximately of 35 m by 30 m. Only two exploration holes have
been historically drilled in the area and both intersected significant mineralization.
Supported by interpretation of magnetic and IP data sets, the Company has interpreted the San Perfecto
area as being indicative of a well-developed, high-level orogenic gold system with the potential to host
economically significant mineralization.
Illustration 1: Samples map at San Perfecto Target
To view an enhanced version of this graphic, please visit:
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QUALIFIED PERSON
Jamie Lavigne, P. Geo and a Director for Colibri is a Qualified Person as defined in NI 43-101 and has
reviewed and approved the technical information in this press release.
The securities of the Company in this Offering have not been, and will not be, registered under the U.S.
Securities Act of 1933
, as amended (the "U.S. Securities Act") or any U.S. state securities laws and
may not be offered or sold in the United States absent registration or an available exemption from the
registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press
release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale
of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT COLIBRI RESOURCE CORPORATION:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on
acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds
four high potential precious metal projects: 1) 100% of EP Gold Project in the significant Caborca Gold
Belt which has delivered highly encouraging exploration results and is surround by Mexico's second
largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which
is believed to hold the potential to be a near term producing mine, and 3) two highly prospective interests
in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project).
For more information about all Company projects please visit:
www.colibriresource.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements". Statements in this press release which are not
purely historical are forward-looking statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. These forward-looking statements are made as of
the date of this news release, and the Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those projected in the forward-
looking statements. Although the Company believes that the plans, expectations and intentions
contained in this press release are reasonable, there can be no assurance that they will prove to be
accurate.
For information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274,
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