VANCOUVER, British Columbia--(BUSINESS WIRE)--Libero Copper Corporation (TSX-V: LBC, OTCQB: LBCMF) announces that the final portion of the non-brokered private placement announced on May 28, 2019 has closed and consists of 10,000,000 Units (“Unit”) at a price of C$0.15 per Unit (the “Super FT Unit Offering”) for gross proceeds of C$1,500,000. Each Unit consists of one Common Share and one common share purchase Warrant (“Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price of C$0.15 until June 7, 2021.
The Offering was oversubscribed with total gross proceeds of C$2,700,000. The 2019 Big Red drill program is now fully financed and is scheduled to commence by the beginning of September.
Common Shares issued under the Super FT Offering qualify as ‘flow through shares’ (“Flow Through Shares”). The gross proceeds from the Super 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 purchaser of the Flow Through Shares.
The net proceeds of the Offering will be used for exploration at the Big Red project and general working capital purposes. The Units issued in the Offering are subject to a statutory hold period expiring on December 9, 2019.
About Libero Copper
Libero Copper is acquiring high-quality copper deposits with significant resources but without any fatal flaws or significant holding costs and exceptional copper and gold exploration properties in the Americas. These assets are being advanced and de-risked by a seasoned team to minimize dilution and maximize shareholder value. The portfolio currently includes the Big Red exploration project in Canada, the Tomichi deposit in the United States and the Mocoa deposit in Colombia which both contain large inferred mineral resources. In total the properties contain 7.9 billion pounds of copper and 1.1 billion pounds of molybdenum.
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 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.