DIEPPE, NB, Oct. 26, 2016 /CNW/ - (CBI: TSX-V) Colibri
Resource Corporation (Colibri) is pleased to announce that its
non-brokered private placement of up to 2,000,000 units of the
Company at a price of $0.15 per unit
for gross proceeds of up to $300,000
(the Financing) is oversubscribed. Colibri will now issue 2,667,166
units for total gross proceeds of $400,074.90 Each unit will consist of one
common share and a whole non-transferable warrant. Each warrant
will entitle the holder to purchase one additional common share of
the Company at a price of $0.25 for a
period of 24 months from the closing date. The Company may pay a
commission or finder's fee in connection with the private
placement, subject to the approval of the TSX Venture Exchange and
in compliance with applicable securities laws.
The net proceeds of the Financing will be used for exploration
of the Company's properties, reviewing additional properties, and
general working capital purposes.
All securities issued in connection with this Financing will be
subject to a four-month hold period in accordance with securities
regulation.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the
TSX-V (CBI) focused on acquiring and exploring properties in
Mexico.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward looking statements
concerning future operations of Colibri Resource Corp.(the
"Company"). All forward looking statements concerning the company's
future plans and operations, including management's assessment of
the Company's project expectations or beliefs may be subject to
certain assumptions, risks and uncertainties beyond the Company's
control. Investors are cautioned that any such statements are not
guarantees of future performance and that actual performance,
exploration and financial results may differ materially from any
estimates and projections.
SOURCE Colibri Resource Corporation