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Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to announce that the non-brokered private placement announced on February 3, 2021 and upsized on February 9, 2021 (the " Offering ") was closed on February 22 2021. The Offering consists of 6,000,000 Units (" Unit ") at a price of $0.50 per Unit (the " NFT Offering ") and 7,272,726 Units at a price of $0.55 per Common Share (the " FT Offering ") for gross aggregate proceeds of $7,000,000 . Eventus Capital Corp. acted as a finder in connection with the Offering.
"Libero has just 43 million shares outstanding, great liquidity, a strengthened management team and board, and four significant porphyry copper projects with three fully funded drill programs," comments Ian Harris , Chief Executive Officer. "With the copper price over $4 per pound, 2021 is going to be an exciting year for Libero Copper ."
Each Unit consists of one Common Share and one-half of one Common Share purchase warrant (each whole warrant, " Warrant "). Each Warrant shall be exercisable to acquire one Common Share (" Warrant Share ") at a price of $0.75 per Warrant Share until February 22, 2023 . If the closing price of the Common Shares is at a price equal to or greater than $1 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 a said news release.
Common Shares issued under the FT Offering qualify as 'flow-through shares' (" Flow-Through Shares "). The gross proceeds from the FT 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 will be used for drilling the Big Red, Big Bulk, and Esperanza porphyry copper projects and general working capital purposes. A Finder's Fee of 6% was paid in cash or Units on a portion of the Offering. Securities issued in the Offering are subject to a statutory hold period expiring on June 23 , 2021.
About Libero Copper & Gold
Libero 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 greenfield discovery) and Big Bulk in the Golden Triangle, Canada , Esperanza in San Juan, Argentina , and the Mocoa deposit in Colombia . 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, and include without limitation, statements regarding the Offering and use of proceeds, the Consolidation and future business plans.. 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 & Gold Corporation.
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