VANCOUVER, BC , Sept. 30, 2020 /CNW/ - Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to announce the non-brokered private placement announced on September 18, 2020 (the " Offering ") has closed and consists of 12,487,450 common shares (" Share ") at a price of C$0.16 per Share for gross aggregate proceeds of approximately C$2,000,000 . Eventus Capital Corp. acted as a finder and was issued 622,500 Shares.
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.
The net proceeds of the Offering will be used for drilling Big Red. A 6% finder's fee was paid on a portion of the Offering. The Shares issued in the Offering are subject to a statutory hold period expiring on January 31 , 2021.
About the Big Red Property
Big Red is a 26,000-hectare district with both gold and copper targets being drilled for the first time. Big Red is located 45 kilometres southwest of Telegraph Creek along the Barrington Road, 70 kilometres north of Galore Creek and 100 kilometres west of Red Chris in the Golden Triangle, of northwestern British Columbia , Canada. The project has both road access and an airstrip.
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 and copper 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.