Colibri Announces Extension of Non-Brokered Private Placement Closing Date

Rhea-AI Summary

Colibri Resource (TSXV: CBI) has announced an extension to the closing date of its non-brokered private placement to March 28, 2025, following increased investor interest. The offering, initially announced on January 17, 2025, aims to raise up to $250,000 through the sale of 10 million units at $0.025 per unit.

Each unit consists of one common share and one warrant, with warrants exercisable at C$0.05 for 24 months after issuance. A first tranche closed on February 13, 2025, raising $140,400. Company insiders may participate in the offering, which would constitute a related party transaction under MI 61-101, though expected to be exempt from formal valuation and minority shareholder approval requirements.

Positive

• First tranche successfully raised $140,400
• Increased investor interest leading to extension
• Potential for additional capital raise up to $250,000

Negative

• Dilutive effect of new share issuance on existing shareholders
• Below-market pricing at $0.025 per unit

Dieppe, New Brunswick--(Newsfile Corp. - March 12, 2025) - Colibri Resource Corporation (TSXV: CBI) (Colibri or the Company) is pleased to announce that, in response to increased investor interest, it has sought and obtained consent from the TSX Venture Exchange to extend the closing date for a second tranche of a current offering of units (the "Offering") originally announced on January 17, 2025. Closing of a second tranche will now occur on or before March 28, 2025. The extended closing time was sought to accommodate a number of very recent expressions of interest.

The Offering is for the sale of up to 10,000,000 units (the "Units") at a price of $0.025 per Unit, for total gross proceeds of up to $250,000. Each Unit is comprised of one (1) common share (a "Common Share") and one (1) common share purchase warrant ("Warrants") of the Company. Each Warrant entitles the holder to acquire one additional Common Share of the Company at a price of C$0.05 for a period of 24 months following issuance. A first tranche, announced on February 13, 2025, was closed for gross proceeds of $140,400. All terms of the Offering other than the extension of the closing date as described herein remain unchanged.

Certain insiders of the Company may acquire Units in the Offering. Any participation by insiders in the Private Placement will constitute a "related party transaction" as defined under Multilateral Instrument 61- 101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company expects such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, is expected to exceed 25% of the Company's market capitalization.

The securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period. Final closing of the Offering is subject to acceptance of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surrounded by Mexico's second largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project).

For more information about all Company projects please visit: www.colibriresource.com.

For further information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.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.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244403

FAQ

What are the terms of Colibri Resource 's (CRUCF) private placement offering?

The offering consists of 10 million units at $0.025 per unit, targeting $250,000 in gross proceeds. Each unit includes one common share and one warrant exercisable at C$0.05 for 24 months.

How much has Colibri Resource (CRUCF) raised in the first tranche of its private placement?

Colibri closed its first tranche on February 13, 2025, raising $140,400.

When is the new closing date for Colibri's (CRUCF) second tranche of private placement?

The closing date for the second tranche has been extended to March 28, 2025.

Why did Colibri Resource (CRUCF) extend its private placement closing date?

The extension was granted in response to increased investor interest and to accommodate recent expressions of interest in the offering.