Calibre Mining Corp. (TSX-V:CXB) is pleased to announce that the Company has closed its non-brokered private placement financing previously announced on December 15, 2016 and December 16, 2016 for gross proceeds of $1,957,500.
The proceeds of the Private Placement will be used to advance the exploration and development of the Company’s 100% owned gold projects in Nicaragua and for general working capital purposes. Exploration priorities include initial drilling programs on the Monte Carmelo gold skarn project and Santa Maria gold-silver epithermal vein system and prioritization and drill testing of additional porphyry targets on the Primavera gold-copper porphyry project.
Pursuant to the Private Placement, the Company issued 19,575,000 units at a price of $0.10 per Unit. Each Unit consisted of one common share and one common share purchase warrant with each warrant entitling the holder to acquire an additional common share for $0.15 for a period of 36 months from the closing date. Calibre issued 120,000 Units in connection with the Private Placement as finder’s fees. Each finder’s warrant entitles the holder to acquire a common share of the Company for $0.15 for a period of 36 months from the closing date.
As insiders of the Company have subscribed for Units pursuant to the Private Placement, the issuance of those Units to the insiders will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation.
All shares issued pursuant to the Private Placement will be subject to a hold period expiring four months and a day following the date of issue. All dollar figures in this press release are in Canadian currency.
About Calibre Mining Corp.
Calibre owns a 100% interest in over 413 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua including the Primavera Gold-Copper Project and Monte Carmelo Gold Project. Additionally the Company has optioned to IAMGOLD (176 km2) and Centerra Gold (253 km2) concessions covering an aggregate area of 429 km2 and is party to a joint venture on the 33.6 km2 Rosita D gold-copper-silver project with Rosita Mining Corporation. Major shareholders of Calibre include gold producer B2Gold Corp, Pierre Lassonde and management.
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