Dieppe, NB -- March 5,
2018 -- InvestorsHub NewsWire -- (CBI: TSX-V) – Colibri Resource
Corporation ("Colibri" or the "Company") is very pleased to
announce that, as a result of strong investor interest, it has
closed on an over-subscribed first tranche on its previously
announced $1,000,000 financing (see the Company's news release of
February 7, 2018). The Company has issued 10,770,980 units at $0.10
per unit for gross proceeds of $1,077,098, and intends to close a
second tranche in due course. Total gross proceeds to be raised
between the first and second tranches is expected to be
approximately $1,200,000.
The units consist of 1
common share and 1 common share purchase warrant. Each warrant
entitles the holder to acquire one additional common share at $0.15
for 5 years from the closing of the private
placement.
The Company will pay
aggregate cash finder's fees of $29,460 and issue an aggregate of
296,400 finders' warrants in connection with certain subscribers in
this first tranche in accordance with TSX Venture Exchange
regulations. Each non-transferable finder's warrant entitles
the finder to acquire one common share at $0.15 for 1 year from the
closing of the private placement.
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. Final closing of the financing
is subject to TSX Venture Exchange approval.
The funds raised from this
equity issuance will be used for Phase 1 of an infill and
exploration drilling program at the Company's Pilar Project in
Sonora State, Mexico as well as for general working
capital.
"The Pilar project holds a
great deal of potential for our Company and for our investors. We
are confident that the significant level of investor interest in
this financing verifies that we are on the right path by expanding
on and confirming our potential resource" stated Ron Goguen,
President & Chairperson of Colibri.
For more information about
all of our projects please visit: www.colibriresource.com.
We seek safe
harbour.
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
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