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.