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VANCOUVER, BC, March 11, 2024 /CNW/ - Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) ("Libero Copper" or the "Company") announces that, further to its press release dated February 23, 2024, it has closed a non-brokered private placement (the "Offering") for aggregate gross proceeds of $2,860,000.
Libero Copper issued 11,000,000 units (the "Units") at a price of $0.26 per Unit, with each Unit consisting of one Common Share, and one full common share purchase warrant (a "Warrant") with each Warrant entitling the holder to acquire an additional Common Share at an exercise price of $0.50 per Warrant until March 11, 2027. Common Shares issued in the Offering as well as any Common Shares issuable from the exercise of Warrants which were issued in the Offering, are subject to a four month hold period expiring July 12, 2024.
"We are thrilled to welcome Mr. Frank Giustra as a strategic investor in Libero Copper. Mr. Giustra's esteemed reputation and successful track record as a mining entrepreneur precede him," stated Ian Harris, President & CEO of Libero Copper. "His profound understanding of industry dynamics and the imperative of meeting the growing demand for copper in the transition to a clean energy future attest to the immense potential of our company. His support will be invaluable in unlocking the full potential of the Mocoa copper-molybdenum porphyry deposit."
The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.
Certain insiders of the Company participated in the Private Placement and acquired an aggregate of 1,240,000 Units. The purchase constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61- 101 as they are distributions of securities for cash and the fair market value of the Units issued to, and the consideration paid by, the insiders did not exceed 25% of the Company's market capitalization. No new insiders were created, nor any change of control occurred, as a result of the Offering.
The Company has also retained Fiore Management & Advisory Corp. to provide financial, regulatory and corporate administration services.
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, obtaining the receipt of final TSX Venture Exchange approval, 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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