Libero Copper Upsizes Financing to $8.3 Million and Announces Closing of Second Tranche
LIBERO COPPER UPSIZES FINANCING TO
$8.3 MILLION AND ANNOUNCES CLOSING OF
SECOND TRANCHE
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Dec. 22, 2021
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV:LBC)
(OTCQB:LBCMF) (DE:29H) ("
Libero Copper
") is pleased to announce that it has closed the second
tranche of its previously announced non-brokered private placement (the "
Offering
") by issuing
5,600,000 units ("
Units
") at a price of
$0.50
per Unit for gross proceeds of
$2,800,000
. Together
with the first tranche of the Offering (see news release dated
December 2, 2021
),
Libero Copper
has received total gross proceeds to date of
$4,800,000
. The final tranche of
$3,500,000
will close
upon receipt of TSX Venture Exchange approval.
Anglo Asian Mining plc ("
Anglo Asian
"), an AIM listed gold, copper, and silver producer primarily
focused in
Azerbaijan
, has committed to become the largest shareholder of
Libero Copper
, with the
intention of acquiring a total of 12,600,000 Units and will hold 19.9% of the issued and outstanding
common shares of
Libero Copper
. After the closing of this second tranche, Anglo Asian currently
hold 5,600,000 Units or 9.9% of the issued and outstanding shares of
Libero Copper
.
Each Unit will be comprised of one common share (each, a "
Unit Share
") and one half of one
common share purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant will entitle the
holder thereof to purchase one common share (each, a "
Warrant Share
") at a price of
C$0.75
until
December 22, 2023
. 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 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.
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
April 23, 2022
. Closing of the final tranche of the Offering is subject to the receipt
of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.
Ian Harris
,
Libero Copper President
& CEO comments, "Our focus has always been investing our
exploration dollars into projects that have the potential to become future copper mines and having a
mine builder mentality to advance and de-risk our projects as quickly as possible. We are elated to
now have Anglo Asian Mining as a partner. An experienced partner that has built and is operating
existing mines. I have personally visited their mines and can attest to the efficiency of the operations,
the technical knowledge of their team, and their ability to nimbly adapt. We look forward to tapping
into that know-how to incorporate it into our plans and strategy as we continue to advance three
significant projects, each with the potential to become a future copper mine."
Reza Vaziri
, Anglo Asian CEO comments, "While the opportunity to tap into a company with a robust
portfolio of three company building sized projects and an impressive team from the executives to the
on-the-ground level is almost unprecedented, the strategic alliance between Anglo Asian and
Libero
Copper
is only the start of a proactive long-term partnership. Our goal is to quickly advance the
portfolio leveraging a combined team that includes robust experience from discovery through every
stage of project development including construction, start-up, and operation."
Stephen Westhead
, Anglo Asian Vice-President, comments, "
Libero Copper
has an extremely
exciting portfolio of assets for exploration and development, particularly the Mocoa project. While
our focus is on long-term growth, we believe the commitment by
Libero Copper
to establish strong
license to operate has been undervalued and will in the very short-term bear significant fruits as the
upcoming exploration and development program advances off a solid foundation. Technically, the
Mocoa project already has a promising copper-molybdenum resource with significant room for
expansion and has the potential to become a key asset for the mining sector's contribution to the
sustainable energy transition."
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/December2021/22/c1495.html
%SEDAR: 00027216E
For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
[email protected]; Tetiana Konstantynivska, Investor Relations, +1 778 372 0179,
CO: Libero Copper & Gold Corporation.
CNW 14:00e 22-DEC-21