DIEPPE, NB, Nov. 7, 2016 (Canada NewsWire via COMTEX) — (cbi:TSX-V) Colibri Resource Corporation (Colibri or the Company) is pleased to announce that further to its press releases dated Oct. 25(th) and Oct. 26(th), it has closed on Nov. 3(rd), a non-brokered private placement of 2,667,166 units for gross proceeds of $400,074.90. Each unit consists of one common share and one whole non-transferable warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 for a period of 24 months from the closing date. The Company has paid a commission of 8% of the proceeds and has issued 205,373 Brokers warrants exercisable at $0.25 for 24 months from closing.
The net proceeds of the Financing will be used for exploration of the Company’s properties, reviewing additional properties, and general working capital purposes. Colibri is in the process of planning a work program on its 506 hectare Evelyn Gold Property located in northwest Sonora, Mexico.