Libero Announces Upsize of Private Placement to $7 Million
Libero Announces Upsize of Private Placement
to $7 Million
VANCOUVER, BC
,
Feb. 9, 2021
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased to announce that due to strong investor demand, it has
increased its previously announced non-brokered private placement which consists of (i) Units
("
Unit
") at a price of
$0.50
per Unit (the "
NFT Offering
") and (ii) Units at a price of
$0.55
per
Common Share (the "
FT Offering
" and together with the NFT Offering, the "
Offering
") for gross
aggregate proceeds of up to
$7 million
.
"This significantly oversubscribed financing was very well supported by insiders, existing
shareholders and new institutional shareholders," comments
Ian Harris
, Chief Executive
Officer. "The upsized financing fully funds the 2021 drill programs at Big Red, Big Bulk and
Esperanza."
The net proceeds will be used for drilling the Big Red, Big Bulk and Esperanza porphyry copper
projects and general working capital purposes. Eventus Capital Corp. is acting as a finder in
connection with a portion of the Offering.
Libero will consolidate (the "
Consolidation
") all of its outstanding common shares ("
Common
Share
") on the basis of five (5) pre-Consolidation Common Shares for one (1) post-Consolidation
Common Share. The record and effective date ("
Effective Date
") of the Consolidation will be
announced shortly. Libero currently has 149,943,422 Common Shares issued and outstanding. As
at the Effective Date, Libero will have 29,988,684 Common Shares issued and outstanding.
Common Shares issued under the Offering will be post-Consolidation.
Each Unit will be comprised of one post-Consolidation Common Share and one-half of one Common
Share purchase warrant (each whole warrant, "
Warrant
"). Each Warrant shall be exercisable to
acquire one Common Share ("
Warrant Share
") at a price of
$0.75
per Warrant Share for a period
of 24 months from the closing of the Offering. If the closing price of the Common Shares is at a
price equal to or greater than
$1
for a period of 10 consecutive trading days, Libero will have the
right to accelerate the expiry date of the Warrants by giving notice, via a new release, to the holders
of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said
news release.
Common Shares issued under the FT Offering qualify as 'flow through shares' ("
Flow Through
Shares
"). The gross proceeds from the FT Offering will be used to incur 'Canadian exploration
expenses' that will qualify as 'flow through mining expenditures' as those terms are defined in the
Income Tax Act
which will be renounced to the initial purchasers of the Flow Through Shares.
A Finder's Fee of 6% will be payable in cash or Units on a portion of the Offering. The Consolidation
and closing of the Offering is subject to approval of the TSX Venture Exchange. Securities issued in
the Offering are subject to a statutory hold period of four months.
About
Libero Copper
& Gold
Libero is unlocking the value of a collection of porphyry copper deposits throughout the Americas in
prolific and stable jurisdictions. The portfolio includes Big Red (a new greenfield discovery) and Big
Bulk in the Golden Triangle,
Canada
, Esperanza in San Juan,
Argentina
, and the Mocoa deposit in
Colombia
. These assets are being advanced by a highly disciplined and seasoned professional team
with successful track records of discovery, resource development, and permitting in the Americas.
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 release. This news release includes forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements of historical fact, are to be considered
forward looking, and include without limitation, statements regarding the Offering and use of
proceeds, the Consolidation and future business plans.. Although the Company believes the
expectations expressed in such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual results or developments may
differ materially from those in forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and financing, and general economic,
market or business conditions and regulatory and administrative approvals, processes and filing
requirements. There can be no assurances that such statements will prove accurate and,
therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not
assume any obligation to update any forward-looking statements.
SOURCE
Libero Copper
& Gold Corporation.
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For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
[email protected]; Tetiana Konstantynivska, Investor Relations, +1 778 372 0179,
CO: Libero Copper & Gold Corporation.
CNW 17:04e 09-FEB-21