The funds will be used for working capital and general corporate purposes, according to Libero Copper, which noted that “certain insiders of the company participated in the Private Placement and acquired an aggregate of 1,240,000 units.”

Characterized as a non-brokered private placement, the Vancouver-based miner issued a total of 11,000,000 units at a price of $0.26 CAD per unit, which consist of one common share and a warrant (with an exercise price of $0.50 CAD until March 11, 2027).

“We are thrilled to welcome Mr. Frank Giustra as a strategic investor in Libero Copper,” aid Ian Harris, president & CEO of Libero Copper, in the announcement.

“Mr. Giustra’s esteemed reputation and successful track record as a mining entrepreneur precede him. His profound understanding of industry dynamics and the imperative of meeting the growing demand for copper in the transition to a clean energy future attest to the immense potential of our company. His support will be invaluable in unlocking the full potential of the Mocoa copper-molybdenum porphyry deposit.”

In Colombia, the company is currently exploring the Mocoa copper-molybdenum porphyry deposit in the department of 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,” according to Libero Copper.

(Photo credit: Libero Copper & Gold)

Overall, the company, which maintains a copper mining operation in Mocoa, currently has nearly 175 million common shares (both issued and outstanding) and the consolidation would cut this number by a factor of 10 down to roughly 17.5 million common shares. In its statement, Libero stated that the consolidation will be “on the basis of one new post-consolidation common share for every 10 pre-consolidation common shares,” per Libero.

The Vancouver-based company also outlined these details:

“Any fractional interest in Common Shares resulting from the Consolidation will be rounded down to the nearest whole Common Share. Registered shareholders will receive a letter of transmittal from the Company’s transfer agent, with information on how to replace their old share certificates / DRS statements with the new share certificates / DRS statements. Brokerage firms will handle the replacement of share certificates and DRS statements on behalf of their shareholder’s accounts. The exercise price and number of Common Shares issuable upon the exercise of Libero Copper’s outstanding stock options and warrants will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities.”

Libero’s board of directors has approved the consolidation plans, which remain “subject to customary closing conditions, including the prior approval of the TSX Venture Exchange.”

(Photo credit: Libero Copper & Gold)