Libero Closes $4 Million Private Placement
Libero Closes $4 Million Private Placement
VANCOUVER, BC
,
June 3, 2020
/CNW/ -
Libero Copper
& Gold Corporation
(TSX-V: LBC,
OTCQB: LBCMF) is pleased to announce that the third tranche of the non-brokered private
placement upsized and announced on
May 6, 2020
(the "
Offering
") has closed and consists of:
8,700,000 FT Units at a price of
C$0.15
per Unit (the "
FT Unit
Offering
") for gross aggregate
proceeds of the entire placement of
C$4,000,000
. Eventus Capital Corp. acted as a finder.
"This significantly oversubscribed financing was very well supported by insiders, existing
shareholders and several new institutional shareholders fully funding the 2020 drill program at Big
Red," comments
Ian Slater
, Chief Executive Officer. "The upsized financing provides us confidence
to implement a robust exploration program during the upcoming field season commencing next
week."
Each Unit consists of one Common Share ("
Common Share
") and one Common Share purchase
Warrant ("
Warrant
"). Each Warrant entitles the holder to acquire one Common Share at a price of
C$0.15
until
May 13
, 2022. If the closing price of the Common Shares is at a price equal to or
greater than
$0.20
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 Unit Offering qualify as 'flow through shares' ("
Flow Through
Shares
"). The gross proceeds from the FT unit 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.
The net proceeds of the Offering will be used for drilling the Ridge high grade gold target at Big Red
and general working capital purposes. A 6% finder's fee was paid to Eventus Capital Corp. by
issuing 265,500 NFT Units. The Units issued in the Offering are subject to a statutory hold period
expiring on
October 3
, 2020.
About
Libero Copper
& Gold
Libero holds a collection of porphyry deposits throughout the Americas in prolific but stable
jurisdictions. The portfolio includes both exploration properties such as Big Red, a new gold
discovery in the Golden Triangle,
Canada
, and high-quality deposits with significant resources but
without any fatal flaws or significant holding costs. The Tomichi copper deposit in
the United States
and the Mocoa copper deposit in
Colombia
, both contain large inferred mineral resources. In total,
the Mocoa and Tomichi properties contain 7.9 billion pounds of copper and 1.1 billion pounds of
molybdenum. 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. 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 Corporation
View original content:
http://www.newswire.ca/en/releases/archive/June2020/03/c8554.html
%SEDAR: 00027216E
For further information:
Ian Slater, Chief Executive Officer, +1 604 638 2545,
[email protected], liberocopper.com
CO: Libero Copper Corporation
CNW 16:17e 03-JUN-20