20th Feb 2023 11:54
(Alliance News) - Anglo Asian Mining PLC on Monday said it made a fourth investment in Libero Copper & Gold Corp, an exploration company focusing on projects in Colombia and Argentina, for CAD480,000, about USD355,000.
Anglo Asian is a gold, copper and silver producer primarily focused in Azerbaijan. It committed to acquire 3.2 million new Libero shares at a price of 15 Canadian cents per share.
The investment maintains its 20% shareholding in Libero and forms part of the South America-focused miner's recently launched private placement to raise around CAD2.5 million. This will be used for exploration at the Mocoa and Esperanza copper porphyry projects in Colombia and Argentina respectively.
Anglo Asian now holds 21.3 million shares in Libero, alongside 12.1 million warrants exercisable at 22 and 75 Canadian cents per share.
It said Libero owns or has the right to acquire several copper exploration properties in North America and South America, including Mocoa, which Anglo Asian said is one of the world's largest undeveloped copper-molybdenum resources.
Anglo Asian said Libero provides it with exposure to significant copper resources alongside its fully-owned projects in Azerbaijan.
It added it is currently at the final stages of developing its medium-term growth strategy, culminating in its transition to "becoming a copper focused, mid-tier mining company".
"We are pleased to make this second investment this year, which in total is our fourth investment in Libero," said Chief Executive Officer Reza Vaziri.
"This second share placing this year demonstrates the attractiveness of investing in Libero and their asset portfolio. Libero have an exciting range of significant copper assets across the Americas and an experienced management team."
Shares in Anglo Asian were down 0.3% to 95.70 pence each in London on Monday morning, while Libero closed down 2.9% to CAD0.17 in Toronto on Friday.
By Greg Rosenvinge, Alliance News reporter
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