Libero Copper Closes $8,300,000 Financing and Appoints Michael Sununu Director
LIBERO Copper CLOSES $8,300,000
FINANCING AND APPOINTS MICHAEL
SUNUNU DIRECTOR
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Jan. 27, 2022
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) ("
Libero Copper
") is pleased to announce that it has closed the final
tranche of its previously announced non-brokered private placement (the "
Offering
") by issuing
7,000,000 units ("
Units
") at a price of
$0.50
per Unit for gross proceeds of
$3,500,000
. Together
with the first tranche of the Offering (see news release dated
December 2, 2021
), and second
tranche of the offering (see news release dated
December 22, 2021
)
Libero Copper
has received
total gross proceeds of
$8,300,000
.
Anglo Asian Mining plc ("
Anglo Asian
"), an AIM listed gold, copper, and silver producer primarily
focused in
Azerbaijan
, has become the largest shareholder of
Libero Copper
acquiring a total of
12,600,000 Units and holds 19.8% of the issued and outstanding common shares of
Libero Copper
on a non-fully diluted basis.
Each Unit comprises of one common share (each, a "
Unit Share
") and one half of one common
share purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant issued in this final
tranche entitles the holder thereof to purchase one common share (each, a "
Warrant Share
") at a
price of
C$0.75
until
January 26, 2024
. If during the exercise period of the Warrants, but after the
resale restrictions on the Common Shares have expired, the closing price of the Common Shares is
at a price equal to or greater than
$1.00
for a period of 10 consecutive trading days,
Libero Copper
will have the right to accelerate the expiry date of the Warrants by giving written noticeto the holders
of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said
notice.
The net proceeds will be used for drilling the Mocoa porphyry copper project and for working capital
and general corporate purposes. Securities issued in the Offering are subject to a statutory hold
period expiring on
May 26, 2022
.
Appointment of Director
Anglo Asian has the right to appoint a director to the Board of Libero and has chosen
Michael
Sununu
.
Michael Sununu
has a B.Sc. from the
Massachusetts Institute of Technology
and an MBA
from The Kellogg School at
Northwestern University
majoring in finance and accounting. He brings a
wealth of financial and directorial experience to the team. Michael has worked for JP Morgan's Oil
and Mining group and his experience there included debt restructuring and the Initial Public Offering
for Consol Energy. He has managed trust funds throughout his successful career, including Hudson
Seven LLC, where he was a founder. His work has included developing supply, demand and pricing
models for several weather influenced commodities. Currently, Michael is a founder and manager of
Sununu Enterprises LLC and Sununu Holdings LLC, which specialise in planning and project
development for major corporations and medium-sized firms, as well as providing strategic advisory
services. Michael also presently serves as a Board Member for Purpose Energy Inc. and as a
member of the Investment Committee for the New Hampshire Historical Society.
Ian Harris
,
Libero Copper President
& CEO comments, "We are excited with the increased
commitment of Anglo Asian Mining to
Libero Copper
, and welcome
Michael Sununu
as our newest
director, who brings a lot of experience to the table specifically assisting in the management of the
potential rapid growth of the company. Also, considering the recent advancements at Mocoa, the
partnership with a seasoned mine builder and operator will immediately assist in the development
plans of our projects based on a shared expertise."
About
Libero Copper
& Gold
Libero Copper
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 grassroots
discovery) in the Golden Triangle,
Canada
; Esperanza in San Juan,
Argentina
; and Mocoa in
Putumayo,
Colombia
. These assets are advanced by a highly disciplined and seasoned professional
team with successful track records of discovery, resource development, and permitting in the
Americas.
About Anglo Asian Mining
Anglo Asian is an AIM listed gold, copper, and silver producer with a broad portfolio of production
and exploration assets in
Azerbaijan
. Anglo Asian has recently announced a transaction with the
Government of
Azerbaijan
which grants it three additional concessions with a combined area of 882
square kilometers which include the Garadagh porphyry copper deposit with a Soviet classified
resource of over 300,000 tonnes of copper. The transaction is subject to ratification by the
parliament of Azerbaijan.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news
release. 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 the Company not receiving the necessary
regulatory approvals in respect of the Offering, 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2022/27/c0039.html
%SEDAR: 00027216E
For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
CO: Libero Copper & Gold Corporation.
CNW 08:00e 27-JAN-22