Libero Copper (TSXV: LBC) is set to see two directors resign from the board following the completion of a financing.
Chairman Ian Slater, as well as director Brad Rourke are set to resign from Libero’s board after the completion of a $3.0 million financing. They will be replaced by Robert Van Egmond and Ann Fehr, however it is unclear at this time whom will take on the role of chairman of the company.
The financing meanwhile is set to follow a previously announced 10-to-1 share consolidation, with Libero intent on raising $3.0 million via the issuance of 20 million post-consolidation units at $0.15, with each unit consisting of one common share and one purchase warrant. Warrants are set to have an expiry of 36 months from the date of issuance and an exercise price of $0.20 per share.
READ: Libero Copper To Conduct 10-to-1 Reverse Split
Despite his departure, Ian Slater is set to invest $300,000 via Slater Capital Corporation in the financing, while CEO Ian Harris will invest $70,000. Slater is also scheduled to receive 750,000 bonus warrants as consideration for an outstanding loan owed by the company.
The financing follows the closure of a rights offering in December that provided gross proceeds of $525,541 to the company.
Libero Copper last traded at $0.02 on the TSX Venture.
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