Colibri Extends Private Placement Offering

Rhea-AI Summary

Colibri Resource (TSXV: CBI) has announced an extension of its non-brokered private placement offering. The company aims to raise up to CDN$450,000 by issuing up to 9,000,000 units at CDN$0.05 per unit. Each unit consists of one common share and one whole non-transferable warrant, exercisable at CDN$0.075 per share for 24 months. The offering's closing date has been extended to November 3, 2024.

A first tranche closed on September 6th, 2024, raising $305,500. The offering has received conditional approval from the Exchange, with final approval pending. Proceeds will fund exploration expenses at Colibri's precious metals projects in Mexico, including the Pilar and EP gold projects, and for working capital. The securities are subject to a four-month and one-day statutory hold period and are not registered under U.S. securities laws.

Positive

• Raised $305,500 in the first tranche of the offering
• Potential to raise up to CDN$450,000 in total
• Funds to be used for exploration of promising gold projects in Mexico

Negative

• Extension of offering closing date may indicate slower than expected fundraising
• Dilution of existing shareholders due to new share issuance
• Warrants may lead to further dilution if exercised

Dieppe, New Brunswick--(Newsfile Corp. - October 4, 2024) - Further to its news release of August 23, 2024, Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") announces the extension of its non-brokered private placement (the "Offering") of up to 9,000,000 units (the "Units") at a price of CDN$0.05 per Unit to raise gross proceeds of up to CDN$450,000. The Offering is now expected to close on or before November 3, 2024.

Each Unit will consist of one common share in the capital of the Company (a "Share") and one whole non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$0.075 per Share for a period of 24 months from the date of issuance.

A first tranche of the Offering closed on September 6^th, 2024 for aggregate gross proceeds of $305,500 (see the Company's news release dated September 6, 2024).

The Common Shares and Warrants are subject to a statutory hold period expiring on the date that is four months and one day after closing.

The Offering, including the extension, have received the conditional approval of the Exchange. Closing is subject to the final approval of the Exchange. The net proceeds of the offering will be used for exploration expenses at the Company's highly prospective precious metals projects in Mexico, including the Pilar gold project and the EP gold project as well as for working capital.

The securities of the Company in this Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 100% of the 4,766 hectare EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico's second largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project).

For more information about all Company projects please visit: www.colibriresource.com.

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.

Notice Regarding Forward-Looking Statements:

This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

For information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225652

FAQ

What is the new closing date for Colibri Resource 's (TSXV: CBI) private placement offering?

The new closing date for Colibri Resource 's private placement offering is November 3, 2024.

How much did Colibri Resource (TSXV: CBI) raise in the first tranche of its offering?

Colibri Resource raised $305,500 in the first tranche of its offering, which closed on September 6th, 2024.

What is the exercise price of the warrants in Colibri Resource 's (TSXV: CBI) private placement?

The exercise price of the warrants in Colibri Resource 's private placement is CDN$0.075 per share.

What will Colibri Resource (TSXV: CBI) use the proceeds from the private placement for?

Colibri Resource will use the proceeds for exploration expenses at its precious metals projects in Mexico, including the Pilar and EP gold projects, as well as for working capital.