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VANCOUVER, BC, Jan. 27,
2022 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE: 29H) ("Libero Copper")
is pleased to announce that it has closed the final tranche of its
previously announced non-brokered private placement (the
"Offering") by issuing 7,000,000 units ("Units") at a
price of $0.50 per Unit for gross
proceeds of $3,500,000. Together with
the first tranche of the Offering (see news release dated
December 2, 2021), and second tranche
of the offering (see news release dated December 22, 2021) Libero
Copper has received total gross proceeds of $8,300,000.
Anglo Asian Mining plc ("Anglo Asian"), an AIM listed
gold, copper, and silver producer primarily focused in Azerbaijan, has become the largest shareholder
of Libero Copper acquiring a total
of 12,600,000 Units and holds 19.8% of the issued and outstanding
common shares of Libero Copper on a
non-fully diluted basis.
Each Unit comprises of one common share (each, a "Unit
Share") and one half of one common share purchase warrant (each
whole warrant, a "Warrant"). Each Warrant issued in this
final tranche entitles the holder thereof to purchase one common
share (each, a "Warrant Share") at a price of C$0.75 until January 26,
2024. 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 written noticeto the holders of the Warrants
that the Warrants will expire on the date that is 30 days after the
issuance of said notice.
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 May 26,
2022.
Appointment of Director
Anglo Asian has the right to appoint a director to the Board of
Libero and has chosen Michael
Sununu. Michael Sununu has a
B.Sc. from the Massachusetts Institute of
Technology and an MBA from The Kellogg School at
Northwestern University majoring in
finance and accounting. He brings a wealth of financial and
directorial experience to the team. Michael has worked for JP
Morgan's Oil and Mining group and his experience there included
debt restructuring and the Initial Public Offering for Consol
Energy. He has managed trust funds throughout his successful
career, including Hudson Seven LLC, where he was a founder. His
work has included developing supply, demand and pricing models for
several weather influenced commodities. Currently, Michael is a
founder and manager of Sununu Enterprises LLC and Sununu Holdings
LLC, which specialise in planning and project development for major
corporations and medium-sized firms, as well as providing strategic
advisory services. Michael also presently serves as a Board Member
for Purpose Energy Inc. and as a member of the Investment Committee
for the New Hampshire Historical Society.
Ian Harris, Libero Copper President & CEO comments, "We
are excited with the increased commitment of Anglo Asian Mining to
Libero Copper, and welcome
Michael Sununu as our newest
director, who brings a lot of experience to the table specifically
assisting in the management of the potential rapid growth of the
company. Also, considering the recent advancements at Mocoa,
the partnership with a seasoned mine builder and operator will
immediately assist in the development plans of our projects based
on a shared expertise."
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.