DIEPPE, NB, Feb. 7, 2018 /CNW/ - (CBI: TSX-V) – Colibri
Resource Corporation ("Colibri" or the "Company") wishes to
announce that, subject to regulatory consent, it intends to proceed
with a non-brokered private placement of up to 10,000,000 units at
$0.10 per unit for proceeds of up to
CAD $1 million.
The units will consist of 1 common share and 1 full common share
purchase warrant. Each warrant entitles the investor to acquire one
additional common share at $0.15 for
5 years from the closing of the private placement. Closing may take
place in two or more tranches.
The Company may pay finder's fees in connection with this
placement in accordance with TSX Venture Exchange
regulations. All 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.
Closing of the financing is subject to TSX Venture Exchange
acceptance.
These funds will be used for Phase 1 of the Company's infill and
exploration drilling planned at the Pilar Project as well as for
general working capital.
"This funding will provide Colibri an opportunity to test the
drilling model created by our in-house experts & renowned
consultants and push us towards our goal of expanding and further
confirming our resources. We continue to strongly believe that
Pilar has the ability to scale up significantly and become a low
cost, open pit, heap leach operation in a very mining friendly
jurisdiction. Colibri will begin work as quickly as possible upon
closing of this funding," stated Ron
Goguen, President of Colibri.
Pilar Gold Project – Advanced Gold Exploration Project
The Company has plans for a two-phase drilling program on the "Main
Zone" at its 100% owned advanced exploration Pilar Gold Project in
the Sonora State of Mexico. To date, Colibri has defined an
in-house resource calculation on Main Zone deposit of 700,000
tonnes grading 1.9 g/t. This phased program is designed to expand
this resource and define it by NI 43-101 standards.
For more information about all of our projects please visit:
www.colibriresource.com
About Colibri Resource Corporation:
Colibri is a
Canadian mineral exploration company listed on the TSX-V (CBI)
focused on acquiring and exploring properties in Mexico.
The TSX Venture Exchange has neither approved
nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The statements made in this news release may
contain forward-looking statements that may involve a number of
risks and uncertainties. Actual events or results could
differ materially from the Company's expectations and
projections.
SOURCE Colibri Resource Corporation