VANCOUVER, British Columbia, May 28, 2019 (GLOBE NEWSWIRE) -- Libero Copper Corporation (TSX-V: LBC, OTCQB: LBCMF) announces a non-brokered private placement consisting of: (i) up to 10,000,000 Units (“Unit”) at a price of C$0.10 per Unit for aggregate gross proceeds of up to C$1,000,000 (the “NFT Unit Offering”); (ii) up to 10,000,000 Units at a price of C$0.15 per Unit for aggregate gross proceeds of up to C$1,500,000 to residents of British Columbia (the “Super FT Unit Offering”) and (iii) 1,904,761 Common Shares (“Common Share”) at a price of C$0.105 per Common Share for aggregate gross proceeds of up to C$200,000 (the “FT Offering” and together with the NFT Unit Offering and Super FT Unit Offering, the “Offering”).
Each Unit consists of one Common Share and one common share purchase Warrant (“Warrant”). Each Warrant entitles the holder to acquire one Common Share for a period of 24 months from closing at a price of C$0.15.
Common Shares issued under the Super FT Unit Offering and FT Offering qualify as ‘flow through shares’ (“Flow Through Shares”). The gross proceeds from the Super FT Unit Offering and 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.
The net proceeds of the Offering will be used for exploration at the Big Red project and general working capital purposes. Closing of the Offering is subject to approval of the TSX Venture Exchange.
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 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.
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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.