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VANCOUVER, BC, Dec. 22, 2021 /CNW/ - Libero Copper & Gold Corporation
(TSXV:LBC) (OTCQB:LBCMF) (DE:29H) ("Libero Copper") is pleased to announce that
it has closed the second tranche of its previously announced
non-brokered private placement (the "Offering") by issuing
5,600,000 units ("Units") at a price of $0.50 per Unit for gross proceeds of $2,800,000. Together with the first tranche of
the Offering (see news release dated December 2, 2021), Libero
Copper has received total gross proceeds to date of
$4,800,000. The final tranche of
$3,500,000 will close upon receipt of
TSX Venture Exchange approval.
![Libero Copper & Gold Corporation Logo (CNW Group/Libero Copper & Gold Corporation.) Libero Copper & Gold Corporation Logo (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1715371/Libero_Copper___Gold_Corporation__LIBERO_COPPER_UPSIZES_FINANCIN.jpg)
Anglo Asian Mining plc ("Anglo Asian"), an AIM listed
gold, copper, and silver producer primarily focused in Azerbaijan, has committed to become the
largest shareholder of Libero
Copper, with the intention of acquiring a total of
12,600,000 Units and will hold 19.9% of the issued and outstanding
common shares of Libero Copper.
After the closing of this second tranche, Anglo Asian currently
hold 5,600,000 Units or 9.9% of the issued and outstanding shares
of Libero Copper.
Each Unit will be comprised of one common share (each, a
"Unit Share") and one half of one common share purchase
warrant (each whole warrant, a "Warrant"). Each Warrant will
entitle the holder thereof to purchase one common share (each, a
"Warrant Share") at a price of C$0.75 until December 22,
2023. If during the exercise period of the Warrants, but
after the resale restrictions on the Common Shares have expired,
the closing price of the Common Shares is at a price equal to or
greater than $1.00 for a period of 10
consecutive trading days, Libero
Copper will have the right to accelerate the expiry date of
the Warrants by giving notice, via a new release, to the holders of
the Warrants that the Warrants will expire on the date that is 30
days after the issuance of said news release.
The net proceeds will be used for drilling the Mocoa porphyry
copper project and for working capital and general corporate
purposes. Securities issued in the Offering are subject to a
statutory hold period expiring on April 23,
2022. Closing of the final tranche of the Offering is
subject to the receipt of all necessary regulatory approvals,
including the final approval of the TSX Venture Exchange.
Ian Harris, Libero Copper President & CEO comments, "Our
focus has always been investing our exploration dollars into
projects that have the potential to become future copper mines and
having a mine builder mentality to advance and de-risk our projects
as quickly as possible. We are elated to now have Anglo Asian
Mining as a partner. An experienced partner that has built and is
operating existing mines. I have personally visited their mines and
can attest to the efficiency of the operations, the technical
knowledge of their team, and their ability to nimbly adapt. We look
forward to tapping into that know-how to incorporate it into our
plans and strategy as we continue to advance three significant
projects, each with the potential to become a future copper
mine."
Reza Vaziri, Anglo Asian CEO
comments, "While the opportunity to tap into a company with a
robust portfolio of three company building sized projects and an
impressive team from the executives to the on-the-ground level is
almost unprecedented, the strategic alliance between Anglo Asian
and Libero Copper is only the start
of a proactive long-term partnership. Our goal is to quickly
advance the portfolio leveraging a combined team that includes
robust experience from discovery through every stage of project
development including construction, start-up, and
operation."
Stephen Westhead, Anglo Asian
Vice-President, comments, "Libero
Copper has an extremely exciting portfolio of assets for
exploration and development, particularly the Mocoa project. While
our focus is on long-term growth, we believe the commitment by
Libero Copper to establish strong
license to operate has been undervalued and will in the very
short-term bear significant fruits as the upcoming exploration and
development program advances off a solid foundation. Technically,
the Mocoa project already has a promising copper-molybdenum
resource with significant room for expansion and has the potential
to become a key asset for the mining sector's contribution to the
sustainable energy transition."
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 Big Red (a new grassroots discovery) in the Golden
Triangle, Canada; Esperanza in San
Juan, Argentina; and Mocoa in
Putumayo, Colombia. These assets
are advanced by a highly disciplined and seasoned professional team
with successful track records of discovery, resource development,
and permitting in the Americas.
About Anglo Asian Mining
Anglo Asian is an AIM listed gold, copper, and silver producer
with a broad portfolio of production and exploration assets in
Azerbaijan. Anglo Asian has
recently announced a transaction with the Government of
Azerbaijan which grants it three
additional concessions with a combined area of 882 square
kilometers which include the Garadagh porphyry copper deposit with
a Soviet classified resource of over 300,000 tonnes of copper. The
transaction is subject to ratification by the parliament of
Azerbaijan.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. 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 the Company not receiving the
necessary regulatory approvals in respect of the Offering, 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.