Libero Copper Corporation (TSX-V: LBC) (OTCQB: LBCMF) announces that the first tranche of the non-brokered private placement announced on May 28, 2019 has closed and consists of: (i) 9,000,000 Units at a price of C$0.10 per Unit; and (ii) 1,904,761 Common Shares at a price of C$0.105 per Common Share for aggregate gross proceeds of C$1,100,000.
Each Unit consists of one Common Share and one common share purchase Warrant. Each Warrant entitles the holder to acquire one Common Share at a price of C$0.15 until June 7, 2021.
Common Shares issued under the FT Offering qualify as ‘flow through shares’. The gross proceeds from the 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 and Flow Through Shares issued in the Offering are subject to a statutory hold period expiring on October 8, 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 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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