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Colibri Resource Corporation Announces Private Placement and commencement of exploration work
Colibri Resource Corporation Announces Private Placement and commencement of exploration w...
About this update from Colibri Resource Corporation
[{"type":"text","content":"\n\n\n\nColibri Resource Corporation Announces Private Placement and commencement of exploration work\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nDIEPPE, NB, March 8, 2019\n\n\n\nDIEPPE, NB, March 8, 2019 /CNW/ - Colibri Resource Corporation (\"Colibri\" or the \"Company\") (CBI-TSXV) wishes to announce that it has closed a private placement of 6,340,000 units at a price of $0.05 per unit for gross proceeds of $317,000. The placement is subject to final TSX Venture Exchange acceptance.\nThe units consist of one common share and one full share purchase warrant. Each warrant entitles a holder to acquire one additional common share at $0.10 for three years from the closing of the private placement. The Company has paid finder's fees of $8,950 in cash and issued 73,000 broker's warrants in connection with this placement. The broker's warrants carry the same terms as the unit warrants.\nAll securities issued pursuant to this financing will be subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation. \nProceeds of the placement will be primarily used to advance two of its exploration properties, Evelyn and El Mezquite, located in Sonora, Mexico, in preparation for 2019 drill programs as well as for general working capital.\nEvelyn\nThe Evelyn property is located in northern Sonora, within the Caborca Gold Belt of the Sonora Megashear. The Caborca Gold Belt includes the Noche Buena Mine (167,200 ounces Au produced in 2018) located approximately 9 km southwest of Evelyn and La Herradurra Mine (474,200 ounces Au produced in 2018) which is located approximately 30 km to the west of Evelyn. Both mines are operated by Fresnillo plc. It appears that geological and mineralogical characteristics of mineralization at Evelyn are similar, in some respects, to mineralization at Noche Buena and Herradura. Historical mining on the Evelyn property was focused on a steeply dipping quartz-sulphide vein and associated quartz-carbonate alteration. The tonnage mined and ounces produced are not known to t...