Libero Closes Private Placement
LIBERO CLOSES PRIVATE PLACEMENT
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
VANCOUVER, BC
,
Aug. 17, 2023
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H)
announces it has closed the first tranche of a non-brokered private
placement (the "
Offering
") for the sale of 9,130,000 units (the "
Units
") at a price of
C$0.05
per Unit
for gross proceeds of
C$456,500
. Each Unit is comprised of one common share (each, a "
Unit
Share
") and one common share purchase warrant (each, a "
Warrant
"). Each Warrant entitles the
holder thereof to purchase one common share (each, a "
Warrant Share
") at a price of
C$0.075
for
a period of 36 months expiring
August 17, 2026
.
Certain directors of
Libero Copper
subscribed for Units in the Offering. The subscription of Units to
insiders pursuant to the Offering is considered a related party transaction for purposes of
Multilateral Instrument 61-101 –
Protection of Minority Shareholders in Special Transactions
("
MI
61-101
"). Libero relied on exemptions from the formal valuation and minority shareholder approval
requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider
participation, based on the determination that fair market value of the participation in the Offering by
insiders does not exceed 25% of the market capitalization of
Libero Copper
, as determined in
accordance with MI 61-101.
The net proceeds from the sale of Units will be used for exploration of
Libero Copper's
projects,
including the Esperanza project in San Juan,
Argentina
and the Mocoa deposit in Putumayo,
Colombia
, and for working capital and general corporate purposes. Finder's fees of
$21,690
in cash
and a total of 433,800 broker warrants were paid to Blue Lakes Advisors SA, Canaccord Genuity
Corp., Glores Securities, Research Capital Corporation, Red Cloud Securities Inc., and PI Financial
Corp. on certain portions of the Offering in accordance with the policies of the TSX Venture
Exchange. Broker warrants are exercisable at a price of
C$0.075
for a period of 36 months expiring
August 17, 2026
.
The Unit Shares, Warrant Shares and any common shares that are issuable upon exercise of the
broker warrants will be subject to a hold period of four months and one day ending
December 18,
2023
in accordance with applicable securities laws.
None of the securities sold in connection with the Offering will be registered under the United States
Securities Act of 1933, as amended, and no such securities may be offered or sold in the United
States absent registration or an applicable exemption from the registration requirements. This news
release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Under the At the Market program, 3,046,000 shares were issued at an average price of
$0.1076
for
gross proceeds of
$327,842
for the three months ended
June 30, 2023
, and commissions were paid
of
$6,556
.
About
Libero Copper
Libero Copper
is unlocking the value of a collection of porphyry copper deposits throughout the
Americas in prolific and stable jurisdictions. The portfolio includes the Mocoa deposit in Putumayo,
Colombia
; Esperanza in San Juan,
Argentina
; and Big Red and Big Bulk in the Golden Triangle, BC,
Canada
. 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
Libero Copper
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. The forward-looking information contained herein is expressly qualified in its entirety
by this cautionary statement. Forward-looking information reflects management's current beliefs
and is based on information currently available to
Libero Copper
. The forward-looking information
is stated as of the date of this news release and
Libero Copper
assumes no obligation to update or
revise such information to reflect new events or circumstances, except as may be required by
applicable law.
SOURCE
Libero Copper
& Gold Corporation.
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For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
[email protected]; Michelle Borromeo, Vice President Investor Relations, +1 604 715 6845,
CO: Libero Copper & Gold Corporation.
CNW 18:00e 17-AUG-23