VANCOUVER, BC, Jan. 19, 2024 /CNW/ - Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) ("Libero Copper" or "the Company") announces that it intends to consolidate the Company's common shares (the "Common Shares") on the basis of one (1) new post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the "Consolidation"). The Board of Directors of Libero Copper has approved the Consolidation. The Company is pursuing the Consolidation to make the Company's securities more attractive to investors.
The Company currently has 174,777,174 Common Shares issued and outstanding. Assuming no other changes in the number of Common Shares outstanding, after giving effect to the Consolidation, and prior to giving effect to the Offering described herein, the Company would have approximately 17,477,717 Common Shares outstanding.
Any fractional interest in Common Shares resulting from the Consolidation will be rounded down to the nearest whole Common Share. Registered shareholders will receive a letter of transmittal from the Company's transfer agent, with information on how to replace their old share certificates / DRS statements with the new share certificates / DRS statements. Brokerage firms will handle the replacement of share certificates and DRS statements on behalf of their shareholder's accounts.
The exercise price and number of Common Shares issuable upon the exercise of Libero Copper's outstanding stock options and warrants will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities.
Closing of the Consolidation is subject to customary closing conditions, including the prior approval of the TSX Venture Exchange (the "Exchange"). Libero Copper intends to close the Consolidation as soon as practicable following receipt of the approval from the Exchange.
Further to the at-the-market offering of shares made pursuant to the Prospectus Supplement dated March 22, 2023, the Company issued 13,411,000 shares and raised gross proceeds of $280,482 pursuant to this ATM Distribution from October 1, 2023 to December 31, 2023. Independent Trading Group (ITG) Inc. received fees of $5,610.
Bill Bennett has resigned as a director of Libero Copper for personal reasons. On behalf of the Board of Directors we wish him all the best in the future. Mr. Bennet is extremely knowledgeable and has a wealth of experience regarding government and indigenous relations in British Colombia and was critical to our projects located there.
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. Although Libero Copper 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. 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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