Colibri Announces Non-Brokered Private Placement of Units Comprised of 10% Unsecured Convertible Debentures and Warrants
Colibri Announces Non-Brokered Private
Placement of Units Comprised of 10%
Unsecured Convertible Debentures and
Warrants
Dieppe, New Brunswick--(Newsfile Corp. - June 30, 2023) - Colibri Resource Corporation (TSXV: CBI)
("Colibri" or the "Company") is pleased to announce that it intends to conduct a non-brokered private
placement (the "Offering") of
up to 1,000 units (the "Units") for gross proceeds of up to US$1,000,000,
each Unit consisting of one (1) US$1,000 principal amount 10% unsecured convertible debenture (the
Debenture
) and 5,416 common share purchase warrants (the
Warrants
). Each Warrant will entitle the
holder to acquire one common share (a "Common Share") of the Corporation at a price of C$0.12 per
Common Share for a period of 24 months following the closing of this offering.
The net proceeds of the Offering will be used for working capital and exploration expenses including
drilling on the Evelyn/Plomo and Diamante/El Mezquite/Jackie projects.
The Offering is anticipated to close towards the end of July, 2023 (the "Closing"). Closing may occur in
one or more tranches.
The Debentures will bear interest at 10% per annum, calculated in US dollars, from the date of issuance,
payable in arrears quarterly and upon maturity or redemption.
The Debentures will mature on the date
that is two (2) years from the date of issuance (the "Maturity Date").
The Debentures and accrued interest thereon are convertible into Shares, at the holder's option, at a
price of (i) C$0.08 per Share between Closing and 12 months; and (ii) at C$0.10 per Common Share
between 12 months and one day to the Maturity Date (the "Conversion Price"), at any time prior to the
Maturity Date. The Debentures carry a fixed foreign exchange rate of C$1.30 for each US$1 of principal.
Closing of the Offering remains subject to the acceptance of the TSX Venture Exchange. The
Debentures and the Common Shares issuable upon conversion of the Debentures will be subject to a
statutory hold period expiring on the date that is four months and one day after Closing. The Company
anticipates that it will pay certain finders fees as per the guidelines of the TSX Venture Exchange.
The Offering will be conducted by the Company utilizing the "accredited investor" exemption of National
Instrument 45-106 -- Prospectus and Registration Exemptions and also other applicable exemptions
available to the Company.
The securities of the Company 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 and exploring prospective gold & silver properties in Mexico. The Company holds five highly
prospective precious metal projects, all of which have exploration programs planned for calendar 2023.
For further information, please contact:
Ronald J. Goguen, President, CEO and Director
Tel: (506) 383-4274
Forward-Looking Statements
Neither the 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 news release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved
the information contained herein. This news release includes certain "forward-looking statements".
These statements are based on information currently available to the Company and the Company
provides no assurance that actual results will meet
management's expectations.
Forward- looking
statements include estimates and statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management expects a stated condition or
result to occur.
Forward-looking statements may be identified by such terms as "believes", "anticipates",
"expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results relating to, among other things, results of exploration,
project development, reclamation and capital
costs
of
the
Company's mineral
properties, and
the
Company's
financial
condition
and
prospects,
could
differ
materially
from
those
currently anticipated
in
such
statements
for
many
reasons
such
as:
changes
in
general
economic conditions and conditions in
the financial markets; changes in demand and prices for minerals; litigation,
legislative,
environmental
and
other
judicial,
regulatory,
political
and
competitive developments; technological and operational
difficulties
encountered
in
connection
with
the activities
of
the Company; and other matters discussed in
this news release.
This list is not exhaustive of the factors that may affect any of the Company's forward-
looking statements. These and other factors should be considered carefully, and readers should not
place undue reliance on the Company's forward-looking statements. The Company does not undertake
to update any forward-looking statement that may be made from time to time by the Company or on its
behalf, except in accordance with applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/172037