Libero Copper Closes Rights Offering
LIBERO COPPER CLOSES RIGHTS
OFFERING
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
VANCOUVER, BC
,
Dec. 28, 2023
/CNW/ -
Libero Copper
& Gold Corporation (TSXV: LBC)
(OTCQB: LBCMF) ("
Libero Copper
") announces the closing of its previously announced rights
offering (the "
Rights Offering
") for aggregate gross proceeds of
$525,541
and issued 26,277,071
common shares. The net proceeds of the Rights Offering will be used for general corporate
purposes, including the repayment of indebtedness incurred conducting exploration programs in
Colombia
, and general corporate expenditures. The Rights Offering remains subject to the final
acceptance of the TSXV.
Libero Copper
also has agreed to settle outstanding deferred salary and expenses in the amount
of $89,712 (the "
Debt
") owing to two employees:
Ian Harris
and Thyana Alvarez, by issuing an
aggregate of 4,485,600 common shares of
Libero Copper
(the "
Common Shares
") at a price of
$0.02
per Common Share (the "
Shares for Debt Transaction
"). The Board of Directors has
determined it is in the best interest of
Libero Copper
to settle the outstanding Debt by the issuance
of the Common Shares in order to preserve
Libero Copper's
cash for ongoing operations.
The issuance of 3,475,600 shares valued at
$69,512
to
Ian Harris
, a director and CEO of
Libero
Copper
, will be considered to be a "related party transaction" as defined under Multilateral
Instrument 61-101 –
Protection of Minority Security holders in Special Transactions
("
MI 61-101
").
The issuance of shares to
Ian Harris
is exempt from the minority approval and formal valuation
requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.
Closing of the Shares for Debt Transaction is subject customary closing conditions, including the
prior approval of the TSX Venture Exchange and compliance with the TSX Venture Exchange Policy
4.3 Shares for Debt.
Libero Copper
intends to close the Shares for Debt Transaction as soon as
practicable following receipt of the approval from the TSX Venture Exchange. The Common Shares
to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four
months from the date of issuance.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE US.
SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN
THE
UNITED STATES
OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
This press 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.
About
Libero Copper
Libero Copper
is a mineral exploration company which is focussed on unlocking the value of the
Mocoa copper-molybdenum porphyry deposit located in Putumayo,
Colombia
. Mocoa is being
advanced by a highly disciplined and seasoned professional team with successful track records of
discovery, resource development, and permitting in
Colombia
.
Libero Copper
prioritizes building
strong relationships with the communities in which we operate and is dedicated to creating long-term
value for our shareholders through responsible exploration to fuel the green energy future.
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.
In providing forward-looking information in this press release, Libero has made numerous
assumptions, which Libero believes to be reasonable, including assumptions relating to the
expected use of proceeds. Forward-looking information entails various risks and uncertainties,
however that could cause actual results to differ materially from those reflected in the forward-
looking information. Specific risks that could cause actual results to differ materially from those
anticipated or disclosed in this press release include, but are not limited to failure to satisfy the
conditions to complete the Rights Offering, including failure to receive required approvals. In
addition to the above summary, additional risks and uncertainties inherent to the Company and the
Rights Offering are described in the "Risk Factors" section of the Rights Offering Circular.
Forward-looking information is not a guarantee of future performance, and management's
assumptions upon which such forward-looking information are based may prove to be incorrect.
Accordingly, there can be no assurance that actual events or results will be consistent with the
forward-looking information disclosed herein. In light of the significant uncertainties inherent in
forward-looking information, any such forward-looking information should not be regarded as
representations by Libero that our objectives or plans relating to the rights offering or otherwise will
be achieved. Investors are cautioned not to place undue reliance on any forward-looking
information contained herein and that such forward-looking information are provided solely for the
purpose of providing information about our current expectations and plans relating to the future.
Readers are cautioned that such information may not be appropriate for other purposes.
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 16:15e 28-DEC-23