/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
VANCOUVER, BC, July 29,
2022 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE: 29H) ("Libero Copper")
is pleased to announce that it has closed the first tranche of its
previously announced non-brokered private placement (the
"Offering") consisting of 8,276,670 flow-through common
shares at a price of $0.33 per share
for aggregate gross proceeds of approximately $2.7 million. The net proceeds will be used for
exploration at the Big Red porphyry copper project.
Libero Copper intends to close
the final tranche of the Offering for approximately $1.8 million on or around August 4, 2022. Closing of the Offering is
subject to approval of the TSX Venture Exchange. Existing insider,
Anglo Asian Mining Plc, will invest in common shares in the final
tranche of the Offering to maintain its 19.9% interest in
Libero Copper.
Some common shares issued under the Offering qualify as 'flow
through shares' ("Flow Through Shares"). The gross proceeds
from the Flow Through Shares issued under 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 (Canada)
which will be renounced to the initial purchasers of the Flow
Through Shares.
A Finder's Fee of 6% in cash will be paid on a portion of the
Offering in accordance with the policies of the TSX Venture
exchange. Eventus Capital Corp. and Red Cloud Securities Inc. are
each acting as a finder in connection with the Offering.
The issuance of common shares to Anglo Asian Mining Plc will be
considered a "related party transaction" within the meaning of
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101").
Libero Copper is relying on
exemptions from the formal valuation requirements of MI 61-101
pursuant to section 5.5(a) and the minority shareholder approval
requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect
of such insider participation as the fair market value of the
transaction, insofar as it involves interested parties, does not
exceed 25% of the Libero Copper's market capitalization.
About Libero Copper & Gold
Libero Copper is unlocking the
value of a collection of porphyry copper deposits throughout the
Americas in prolific and stable jurisdictions. The portfolio
includes the Mocoa deposit in Putumayo, Colombia; Esperanza in San Juan, Argentina; and Big Red and Big Bulk in the
Golden Triangle, BC, Canada. 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 press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful. The securities being offered have not been,
nor will they be, registered under the 1933 Act and may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the 1933 Act, as amended, and
application state securities laws.
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. Some of the specific forward-looking information
in this news release includes, but is not limited to, statements
with respect to: the completion of the Offering or any tranche
thereof; the number of securities to be issued under the Offering
and the gross proceeds received; the participation of Anglo Asian
Mining Plc; the timing of the closing of the final tranche of the
Offering; the payment of any finders fees and the form thereof; the
use of gross proceeds from the Offering; the qualification of
expenditures as 'flow through mining expenditures' and the
qualification of shares as 'flow through shares'; and the
renunciation to initial purchasers. Although Libero Copper 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. The forward-looking
information contained herein is expressly qualified in its entirety
by this cautionary statement. Forward-looking information reflects
management's current beliefs and is based on information currently
available to Libero Copper. The
forward-looking information is stated as of the date of this news
release and Libero Copper assumes no
obligation to update or revise such information to reflect new
events or circumstances, except as may be required by applicable
law.
SOURCE Libero Copper & Gold
Corporation.