Liberty Mines Inc.
TSX VENTURE : LBE

Liberty Mines Inc.

November 15, 2007 14:30 ET

Liberty Completes $16,800,000 Financing

EDMONTON, ALBERTA--(Marketwire - Nov. 15, 2007) - Liberty Mines Inc. ("Liberty" or the "Corporation") (TSX VENTURE:LBE) is pleased to announce that it has completed the brokered financing first announced on October 29, 2007 for gross proceeds of $16,800,000. The financing was led by Salman Partners Inc. and included Westwind Partners Inc. In connection with the financing, Liberty issued 7,000,000 units (the "Units") at a price of $2.40 per Unit. Each Unit consists of one common share of Liberty and one-half of one share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share of Liberty at a price of $3.00 per common share for a period of 18 months.

In connection with the financing, Liberty paid fees totaling $1,008,000 and issued compensation warrants exercisable for 420,000 common shares of the Corporation. Securities issued pursuant to this financing have a 4 month hold period which expires on March 16, 2007.

Completion of the financing remains subject to the final approval of the TSX Venture Exchange. Proceeds from the financing will be used to fund the construction of a portal and ramp for the McWatters Mine, development of the Redstone Mine shaft and general working capital requirements.

About Liberty Mines Inc.

Liberty Mines Inc. is a producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada.

CAUTIONARY STATEMENT

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward looking statements" regarding the expected use of proceeds. Actual results may differ materially from those contemplated by these statements depending upon development risks, commodity prices, assumed construction costs and any unforeseen events.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Liberty Mines Inc.
    Dr. Gary Nash, PhD (Physics)
    President & CEO
    (416) 238-9736
    (780) 437-7898 (FAX)
    Email: gnash@libertymines.com