05:35:12 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Calibre Mining Corp (1)
Symbol CXB
Shares Issued 314,004,751
Close 2018-10-30 C$ 0.04
Market Cap C$ 12,560,190
Recent Sedar Documents

Calibre Mining completes 1:10 share rollback

2018-10-30 16:10 ET - News Release

Mr. Greg Smith reports

CALIBRE ANNOUNCES CLOSING OF $5 MILLION PRIVATE PLACEMENT AND SHARE CONSOLIDATION

Calibre Mining Corp. has completed its consolidation of common shares in the capital of the company on a one-new-for-10-old basis. The company has closed its non-brokered private placement previously announced on Oct. 5, 2018. Due to increased demand, the private placement was increased to 11,421,091 units at a price of 44 cents per unit for gross proceeds of $5,025,280.

Each unit consists of one postconsolidation common share and one common share purchase warrant. Each warrant entitles the holder to acquire an additional postconsolidation common share for 95 cents until Oct. 30, 2023.

After the financing and the consolidation, the company has 42,821,577 common shares issued and outstanding as well as working capital of approximately $4.7-million, with major shareholders including B2Gold Corp. (12 per cent), management (10 per cent) and Pierre Lassonde (9 per cent). The company's shares will start trading on a postconsolidation basis on the TSX Venture Exchange on Wednesday, Oct. 31, 2018, under the symbol CXB.

In consideration for introducing certain subscribers to the private placement, the company paid cash finders' fees totalling $200,272 and issued 379,305 non-transferable share purchase warrants to Sprott Global Resource Investments Ltd. and certain other finders. Each finder's warrant permits the holder to purchase one common share for 55 cents until Oct. 30, 2020.

All securities issued to the placees under the private placement will be subject to a four-month hold period expiring on March 1, 2019, under applicable Canadian securities legislation and stock exchange policy. The company intends to use the proceeds of the private placement for exploration, project generative activities, loan repayments and general working capital.

Certain insiders of the company acquired 1,443,000 units pursuant to the private placement. The issuance of units to insiders is considered to be a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101. The company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of any insider participation.

The company did not file a material change report more than 21 days before the expected closing of the private placement, as the details of the private placement and the participation therein by related parties of the company were not settled until shortly prior to closing and the company wished to close on an expedited basis for sound business reasons as well as in a time frame consistent with usual market practices for transactions of this nature.

The company has cancelled preconsolidation incentive stock options to purchase an aggregate of 6.8 million shares granted under the company's stock option plan. The cancelled options were voluntarily surrendered by the holders thereof for no consideration. Following the cancellation of the options, the company has incentive stock options to purchase 1,217,500 postconsolidation shares outstanding.

About Calibre Mining Corp.

Calibre Mining owns a 100-per-cent interest in over 413 square kilometres of mineral concessions in the mining triangle of northeast Nicaragua, including the Primavera gold-copper project and Santa Maria gold project. Additionally, the company has optioned to Iamgold (176 square kilometres) and Centerra Gold (253 square kilometres) concessions covering an aggregate area of 429 square kilometres, and is party to a joint venture on the 33.6-square-kilometre Rosita D gold-copper-silver project with Rosita Mining.

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