VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2011) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRES
Edward Farrauto, President and CEO of Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre"), is pleased to announce the Company has increased the non-brokered private placement financing to $3,500,000 from $3,000,000 due to investment interest.
The non-brokered private placement will consist of the Company issuing up to 35,000,000 common shares at a price of $0.10 per share. To date, the Company has closed on a total of 20,600,000 common shares for gross proceeds of $2,060,000 in connection with this private placement. The Company expects to complete this private placement by issuing the remaining 14,400,000 common shares for gross proceeds of $1,440,000 in connection with a third tranche shortly. The Private Placement is subject to final approval of the TSX Venture Exchange.
A finder's fee may be paid in conjunction with the completion of the offering of up to 6.0% of the gross proceeds, payable in cash or the equivalent in common shares. The private placement is subject to approval of the TSX Venture Exchange.
The proceeds of this offering will be used to advance the exploration and development of the Company's Borosi Project in Nicaragua and for general working capital purposes.
About Calibre Mining Corp.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX VENTURE:CXB) that is focused on the acquisition, exploration and development of gold and silver deposits in Central America. Calibre has outlined a NI 43-101 compliant inferred resource totalling 835,450 ounces of gold and 4,288,070 ounces of silver at its 100% owned Borosi Project in Nicaragua. The Company is presently focused on a drilling program at its 100% owned Riscos de Oro gold-silver project and the trenching and drilling program at the Primavera gold-copper prospect in conjunction with B2Gold, also within the Borosi concessions in Nicaragua.
Major shareholders of Calibre include gold producer Yamana Gold Inc. and investment fund Sun Valley Gold.
Calibre Mining Corp.
Edward Farrauto, CGA, President and CEO
Neither the 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.
Contact Information:
Mark Carruthers
604 681 9944
www.calibremining.com