Anglo Asian makes third investment in Libero Copper

The AIM-traded company said it was acquiring 2.6 million new shares at 15 Canadian cents each, for a total consideration of CAD 0.39m (£0.24m).

It said the investment, which would maintain its 19.8% shareholding, formed part of Libero's recently-launched private placement, with gross proceeds of about CAD 2m to be used for exploration at the Mocoa and Esperanza copper porphyry projects in Colombia and Argentina, respectively.

Libero is listed on the TSX Venture Exchange and owns, or has the right to acquire, several copper exploration properties in North and South America including Mocoa - “one of the world's largest” undeveloped copper-molybdenum resources.

Anglo Asian now holds 18.1 million common shares in Libero, as well as a total of 8.9 million warrants exercisable at 22 Canadian cents and 75 Canadian cents per share.

The board said Libero provided Anglo Asian with exposure to “significant” copper resources, in addition to the company's fully-owned projects including the “world-class” Garadagh resource.

Anglo Asian was currently at the final stages of developing its medium-term growth strategy, culminating in its transition to becoming a copper-focussed, mid-tier mining company.

“We are pleased to make a third investment in Libero in little over a year,” said chief executive officer Reza Vaziri.

“With an exciting range of significant copper assets across the Americas, and an experienced management team, we have the utmost confidence in Libero to develop these assets in a swift and responsible manner.

“I look forward to updating our shareholders on Libero's progress in the coming months.”

At 1238 GMT, shares in Anglo Asian Mining were up 5.85% at 109.55p.

Reporting by Josh White for Sharecast.com.