Colibri Announces Non-Brokered Private Placement of Units Comprised of 10% Unsecured Convertible Debentures and Warrants

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[{"type":"text","content":"Colibri Announces Non-Brokered Private Placement of Units Comprised of 10% Unsecured Convertible Debentures and WarrantsDieppe, New Brunswick--(Newsfile Corp. - June 30, 2023) - Colibri Resource Corporation (TSXV: CBI) (\"Colibri\" or the \"Company\") is pleased to announce that it intends to conduct a non-brokered private placement (the \"Offering\") of up to 1,000 units (the \"Units\") for gross proceeds of up to US$1,000,000, each Unit consisting of one (1) US$1,000 principal amount 10% unsecured convertible debenture (the Debenture) and 5,416 common share purchase warrants (the Warrants). Each Warrant will entitle the holder to acquire one common share (a \"Common Share\") of the Corporation at a price of C$0.12 per Common Share for a period of 24 months following the closing of this offering. The net proceeds of the Offering will be used for working capital and exploration expenses including drilling on the Evelyn/Plomo and Diamante/El Mezquite/Jackie projects.The Offering is anticipated to close towards the end of July, 2023 (the \"Closing\"). Closing may occur in one or more tranches.The Debentures will bear interest at 10% per annum, calculated in US dollars, from the date of issuance, payable in arrears quarterly and upon maturity or redemption. The Debentures will mature on the date that is two (2) years from the date of issuance (the \"Maturity Date\").The Debentures and accrued interest thereon are convertible into Shares, at the holder's option, at a price of (i) C$0.08 per Share between Closing and 12 months; and (ii) at C$0.10 per Common Share between 12 months and one day to the Maturity Date (the \"Conversion Price\"), at any time prior to the Maturity Date. The Debentures carry a fixed foreign exchange rate of C$1.30 for each US$1 of principal.Closing of the Offering remains subject to the acceptance of the TSX Venture Exchange. The Debentures and the Common Shares issuable upon conversion of the Debentures will be subject to a statutory hold period expiring on the date that is four months and one day after Closing. The Company anticipates that it will pay certain finders fees as per the guidelines of the TSX Venture Exchange.The Offering will be conducted by the Company utilizing the \"accredited investor\" exemption of National Instrument 45-106 -- Prospectus and Registration Exemptions and also other applica...

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