Libero Closes Private Placement
Libero Closes Private Placement
VANCOUVER
,
May 13, 2020
/CNW/ -
Libero Copper & Gold Corporation (TSX-V: LBC,
OTCQB: LBCMF)
is pleased to announce that the first tranche of the non-brokered private
placement upsized on
May 6, 2020
has closed and consists of: (i) 14,875,000 Units ("
Unit
") at a
price of
C$0.10
per Unit (the "
NFT Unit Offering
") and (ii) 350,000 Units at a price of
C$0.11
per
Unit (the "
FT Unit Offering
" and together with the NFT Unit Offering, the "
Offering
") for gross
aggregate proceeds of
C$1,526,000
. Closing of the final tranche of the Offering for total gross
proceeds of
C$4 million
is expected on or about
May 19, 2020
and is subject to approval of the TSX
Venture Exchange.
Eventus Capital Corp. is acting as a finder in connection with a portion of the Offering.
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 finder's fee of 6% is payable on a portion of the Offering.
The Units issued in the Offering are subject to a statutory hold period expiring on
September 14
,
2019.
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/May2020/13/c2709.html
%SEDAR: 00027216E
For further information:
Ian Slater, Chief Executive Officer, +1 604 638 2545,
[email protected], liberocopper.com
CO: Libero Copper Corporation
CNW 16:29e 13-MAY-20