VANCOUVER, BC, Feb. 9, 2021 /CNW/ - Libero Copper & Gold Corporation (TSXV:
LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to announce that due to
strong investor demand, it has increased its previously announced
non-brokered private placement which consists of (i) Units
("Unit") at a price of $0.50
per Unit (the "NFT Offering") and (ii) Units at a price of
$0.55 per Common Share (the "FT
Offering" and together with the NFT Offering, the
"Offering") for gross aggregate proceeds of up to
$7 million.
"This significantly oversubscribed
financing was very well supported by insiders, existing
shareholders and new institutional shareholders," comments
Ian Harris, Chief Executive Officer.
"The upsized financing fully funds the 2021 drill programs at Big
Red, Big Bulk and Esperanza."
The net proceeds will be used for drilling the Big Red, Big Bulk
and Esperanza porphyry copper projects and general working capital
purposes. Eventus Capital Corp. is acting as a finder in
connection with a portion of the Offering.
Libero will consolidate (the "Consolidation") all of its
outstanding common shares ("Common Share") on the basis of
five (5) pre-Consolidation Common Shares for one (1)
post-Consolidation Common Share. The record and effective date
("Effective Date") of the Consolidation will be announced
shortly. Libero currently has 149,943,422 Common Shares
issued and outstanding. As at the Effective Date, Libero will have
29,988,684 Common Shares issued and outstanding. Common
Shares issued under the Offering will be post-Consolidation.
Each Unit will be comprised of one post-Consolidation 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 for a period
of 24 months from the closing of the Offering. 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 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.
A Finder's Fee of 6% will be payable in cash or Units on a
portion of the Offering. The Consolidation and closing of the
Offering is subject to approval of the TSX Venture
Exchange. Securities issued in the Offering are subject to a
statutory hold period of four months.
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.