Libero Announces Private Placement
VANCOUVER, BC, Sept. 19, 2020 /CNW/ - Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to announce a non-brokered private placement consisting of up to 12,500,000 common shares ("Share") at a price of C$0.16 per Share ("Offering") for gross aggregate proceeds of up to $2 million.
Shares issued under the Offering qualify as 'flow through shares' ("Flow Through Shares"). The gross proceeds from the 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 purchasers of the Flow Through Shares.
"We have completed the first drill program at Ridge and drilling is in progress at ME18," comments Ian Slater, Chief Executive Officer. "This fully subscribed financing will allow us to add additional targets and extend the Big Red drill program through the end of the season."
The net proceeds of the Offering will be used for drilling Big Red. Eventus Capital Corp. is acting as a finder in connection with the Offering. A Finder's Fee of 6% will be payable in Shares on a portion of the Offering. Closing of the Offering is expected on September 28, 2020 and is subject to approval of the TSX Venture Exchange.
About the Big Red Property
Big Red is a new gold discovery located 70 kilometres north of Galore Creek and 100 kilometres west of Red Chris in the Golden Triangle, of northwestern British Columbia, Canada. Big Red comprises 20 contiguous claims, totaling 26,000 hectares, 45 kilometres southwest of Telegraph Creek along the Barrington Road.
The Golden Triangle is a geological province of prodigious gold and copper mineralisation and host to some of Canada's most famous mines, including Premier, Red Chris, Snip, Brucejack and Eskay Creek. Porphyry copper and gold, epithermal gold and silver and volcanogenic massive sulfide styles of mineralisation have all been recognised within the Golden Triangle. At Big Red porphyry gold-copper targets are peripheral to a distinct large magnetic-high feature and coincide with a radiometric potassium anomaly, copper, gold, silver and molybdenum geochemical anomalies and a mapped Jurassic aged porphyry intrusion. Please see Libero's flickr site for photographs.
About Libero Copper & Gold
Libero holds a collection of porphyry deposits throughout the Americas in prolific but stable jurisdictions. The portfolio includes both exploration properties such as Big Red, a new gold discovery in the Golden Triangle, Canada, and high-quality deposits with significant resources but without any fatal flaws or significant holding costs. The Tomichi copper deposit in the United States and the Mocoa copper deposit in Colombia, both contain large inferred mineral resources. In total, the Mocoa and Tomichi properties contain 7.9 billion pounds of copper and 1.1 billion pounds of molybdenum. These assets are being advanced by a highly disciplined and seasoned professional team with successful track records of discovery, resource development, and permitting in the Americas.
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.
SOURCE Libero Copper & Gold Corporation.
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