Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the "Company" or "Calibre") is pleased to announce the closing of a non-brokered, private placement financing consisting of 7,666,666 units at a price of $0.15 per unit for gross proceeds of $1,150,000. Each unit consists of one common share and one half common share purchase warrant. Each full common share purchase warrant entitles the holder to purchase one common share in Calibre for a period of two years from closing at a price of $0.20 per share. A Finder's Fee of $68,400 was paid and 456,000 share purchase warrants were issued. All securities have a four month hold period ending April 24, 2010. The proceeds of the private placement financing will be used by the Company for general working capital.
The exploration program at Calibre's Borosi Gold-Copper-Silver Project is being funded by B2 Gold Corp ("B2 Gold") whereby B2 Gold can earn a 51% interest in the project by funding $8.0 million in exploration expenditures over a 3 year period. The Borosi exploration budget through July 2010 is $2.5 million. Calibre is the project operator.
Recently announced results from the soil and rock sampling programs on the Borosi project along with pending trench sampling results will be used to further delineate targets for the planned 6,000 m drill program, scheduled to begin in the first quarter of 2010.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX.V: CXB) that is focused on the acquisition, exploration and development of gold and copper deposits in Central America. Major shareholders of Calibre include gold producers Yamana Gold Inc. and Kinross Gold Corp.
Calibre Mining Corp.
Signed "Robert Brown"
Robert D. Brown, B.Sc., MBA
President and CEO
For further information contact:
Robert Brown -- Vancouver, Canada
604 681 9944
www.ngchiwai.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.
Cautionary Note Regarding Forward Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, silver or copper, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Calibre Mining Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Calibre Mining Closes Private Placement Financing
December 23, 2009