/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, BC, Dec. 28,
2023 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
("Libero Copper") announces
the closing of its previously announced rights offering (the
"Rights Offering") for aggregate gross proceeds of
$525,541 and issued 26,277,071 common
shares. The net proceeds of the Rights Offering will be used for
general corporate purposes, including the repayment of indebtedness
incurred conducting exploration programs in Colombia, and general corporate expenditures.
The Rights Offering remains subject to the final acceptance of the
TSXV.
Libero Copper also has agreed to
settle outstanding deferred salary and expenses in the amount
of $89,712 (the "Debt") owing to two employees:
Ian Harris and Thyana Alvarez, by
issuing an aggregate of 4,485,600 common shares of
Libero Copper (the "Common
Shares") at a price of $0.02 per
Common Share (the "Shares for Debt Transaction"). The Board
of Directors has determined it is in the best interest of
Libero Copper to settle the
outstanding Debt by the issuance of the Common Shares in order to
preserve Libero Copper's cash for
ongoing operations.
The issuance of 3,475,600 shares valued at $69,512 to Ian
Harris, a director and CEO of Libero
Copper, will be considered to be a "related party
transaction" as defined under Multilateral Instrument 61-101
– Protection of Minority Security holders in Special
Transactions ("MI 61-101"). The issuance of shares
to Ian Harris is exempt from the
minority approval and formal valuation requirements of MI 61-101
pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.
Closing of the Shares for Debt Transaction is subject customary
closing conditions, including the prior approval of the TSX Venture
Exchange and compliance with the TSX Venture Exchange Policy 4.3
Shares for Debt. Libero Copper
intends to close the Shares for Debt Transaction as soon as
practicable following receipt of the approval from the TSX Venture
Exchange. The Common Shares to be issued pursuant to the Shares for
Debt Transaction will be subject to a hold period of four months
from the date of issuance.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER
THE US. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE
OFFERED OR SOLD IN THE UNITED
STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE 1933 ACT.
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 jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Libero Copper
Libero Copper is a mineral
exploration company which is focussed on unlocking the value of the
Mocoa copper-molybdenum porphyry deposit located in Putumayo,
Colombia. Mocoa is being advanced
by a highly disciplined and seasoned professional team with
successful track records of discovery, resource development, and
permitting in Colombia.
Libero Copper prioritizes building
strong relationships with the communities in which we operate and
is dedicated to creating long-term value for our shareholders
through responsible exploration to fuel the green energy
future.
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. In providing forward-looking information in this
press release, Libero has made numerous assumptions, which Libero
believes to be reasonable, including assumptions relating to the
expected use of proceeds. Forward-looking information entails
various risks and uncertainties, however that could cause actual
results to differ materially from those reflected in the
forward-looking information. Specific risks that could cause actual
results to differ materially from those anticipated or disclosed in
this press release include, but are not limited to failure to
satisfy the conditions to complete the Rights Offering, including
failure to receive required approvals. In addition to the above
summary, additional risks and uncertainties inherent to the Company
and the Rights Offering are described in the "Risk Factors" section
of the Rights Offering Circular. Forward-looking information is not
a guarantee of future performance, and management's assumptions
upon which such forward-looking information are based may prove to
be incorrect. Accordingly, there can be no assurance that actual
events or results will be consistent with the forward-looking
information disclosed herein. In light of the significant
uncertainties inherent in forward-looking information, any such
forward-looking information should not be regarded as
representations by Libero that our objectives or plans relating to
the rights offering or otherwise will be achieved. Investors are
cautioned not to place undue reliance on any forward-looking
information contained herein and that such forward-looking
information are provided solely for the purpose of providing
information about our current expectations and plans relating to
the future. Readers are cautioned that such information may not be
appropriate for other purposes.
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.