Libero Copper To Raise $2.5 Million After Frank Giustra Steps In

Libero Copper (TSXV: LBC) is returning to the market for funding the day after closing a major investment from Frank Giustra.

The company is aiming to raise gross proceeds of $2.5 million at a price of $0.25 per unit, with each unit containing one common share and one common share purchase warrant. Warrants contain a $0.50 exercise price, and are valid for a period of three years from the date of issuance.

The financing follows Libero last night announcing that it had closed a $3.0 million financing, issuing 20.0 million shares at $0.15 per unit. Each of those units contained one common share and one common share purchase warrant. Those warrants however contained an exercise price of $0.20 per each, and are valid until 2027.

READ: Libero Copper Set To See Chairman, Director Resign

Yesterday’s financing saw Giustra acquire 4.2 million units, leading him to own 11.21% of the outstanding shares, and 19.19% of the company on a partially diluted basis.

The multiple funding rounds follow Libero earlier this week conducting a reverse split, wherein the company provided one post-consolidation share for every ten pre-consolidation shares. The company also saw Ian Slater, Michael Sununu, Rob Pease and Brad Rourke resign from the board of directors, while Rob Van Egmond was appointed to the board.

Libero Copper last traded at $0.35 on the TSX Venture.

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