Anglo Asian Mining joins Libero Copper's private placement

The AIM-traded firm said it was acquiring 2.9 million new shares at 33 Canadian cents each, for a total consideration of CAD 0.96m (£0.62m).

It said the investment formed part of Libero's recently-launched private placement for gross proceeds of CAD 4.5m, to be used for exploration at the Big Red porphyry copper project in the province of British Columbia.

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 in Colombia, described as “one of the world's largest” undeveloped copper-molybdenum resources.

Maintaining its 19.9% interest in Libero reflected Anglo Asian's strategy to increase its exposure to copper both in Azerbaijan and internationally, the board said, which would be “critical” to transitioning towards a mid-tier production profile.

Anglo Asian’s holding in Libero now consisted of 15.5 million common shares, and 6.3 million warrants exercisable at 75 Canadian cents per share.

“Anglo Asian was delighted to further invest to maintain our holding in Libero, while helping to fund the exploration of the Big Red copper project,” said chief executive officer Reza Vaziri.

“Libero holds an exciting range of copper assets throughout the Americas, providing us with significant exposure to future copper production.

“Libero also diversifies our risk profile as our first investment outside of Azerbaijan.”

At 1232 BST, shares in Anglo Asian Mining were up 2.21% at 87.9p.

Reporting by Josh White at Sharecast.com.