Libero Copper raising $3 million for Colombia project
Libero Copper & Gold Corp. [LBC-TSXV, LBCMF-OTCQB, 29H-DE] said it has entered into an agreement in connection with a marketed offering of units that is expected to raise $3 million for exploration at the Mocoa porphyry copper deposit in Putumayo, Colombia.
The units are priced at 35 cents. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 50 cents for two years following closing, which is expected to occur on December 12, 2024.
The company has granted the agent an option to increase the size of the offering by an additional number of units that would equate to 15% of the units issued in the offering to cover over-allotments, if any, and for market stabilization purposes. That option will remain open for up to 30 days after the offering closes.
On Tuesday, the shares eased 5.3% or $0.02 to 35.5 cents. They trade in a 52-week range of 84 and 15 cents.
Libero Copper is an America’s-focused exploration company with a collection of porphyry copper deposits located in British Columbia, Argentina and Colombia.
With backing from Canadian financier Frank Giustra’s Fiore Group, Libero Copper is developing the Mocoa copper-molybdenum porphyry deposit, which is located 10 kilometres from the town of Mocoa. Libero’s district scale holdings cover 1,000 square kilometres, an area that is 290 times bigger than New York’s Central Park. Company documents say Giustra holds an 11% stake in the company.
“The Mocoa project has an established compliant resource of 4.6 billion pounds of copper and 511 million pounds of molybdenum,” Libero Copper President and CEO Ian Harris said recently. In a press release on November 13, 2024, Libero announced details of an ongoing 14,000-metre exploration program that is designed to expand the resource, enhance geological understanding, and test new target areas. The program includes infill, step-out and regional drilling. “This program, adding 50% more drilling than all previous work at Mocoa, is a major step forward for the project,’’ Harris said.
The company said historical drilling intercepted high-grade copper and molybdenum cores, though with wide drill spacing. Infill drilling is designed to refine the understanding of the copper and molybdenum grade distribution in areas of wide-space drilling and to test the deeper sections of the porphyry system below the existing pit-constrained initial inferred mineral resource at Mocoa.
Step-out drilling is planned to strategically extend the overall mineral resource at Mocoa to the north and northeast, aligning with the identified plunge of the high-grade cores.
The company said surface exploration work completed to date shows four highly prospective areas close to the Mocoa copper-molybdenum porphyry deposit. Surface exploration planned for the 2024 to 2025 season will follow up the Neblina, Piedralisa and Silencio area.