SOURCE: Liberty Mines Inc.

February 14, 2007 10:16 ET

Liberty Completes Second Tranche of $12,100,000 Flow-Through and Unit Financing

EDMONTON, ALBERTA -- (MARKET WIRE) -- February 14, 2007 -- Liberty Mines Inc. (TSX-V: LBE) ("Liberty" or the "Corporation") is pleased to announce that it has completed the second tranche of its brokered financing through Salman Partners first announced on January 18, 2007 for gross proceeds of $1,458,540. In connection with the second tranche of the financing, the Corporation issued 540,200 flow-through common shares (the "Flow-Through Shares") at a price $2.70 per Flow-Through share, paid fees of $109,390.50 and issued compensation warrants exercisable for 43,216 common shares of Liberty. Securities issued pursuant to this tranche of the financing have a 4-month hold period which expires on June 15, 2007.

The total gross proceeds received from the financings were $12,100,000. Completion of the financing remains subject to the final approval of the TSX Venture Exchange.

In connection with the financing, an aggregate of 37,400 Flow-Through Shares and 18,000 Units (see press release of February 8, 2007 for Unit details) were issued to directors of Liberty, together with their associated entities and related parties. In this regard, an aggregate of 30,000 Flow-Through Shares were acquired by Daniel Dumas, an aggregate of 7,400 Flow-Through Shares and 4,000 Units were acquired directly and indirectly by Donald Schurman, and 14,000 Units were acquired by Gerry Feldman.

The proceeds of the Flow-Through Common Shares part of the financing will be used to fund exploration and development activities at the Redstone, McWatters, Hart and Galata projects and surrounding areas in Ontario. The Units' proceeds will be used for capital purchases at the Redstone mine, shaft and mill.

About Liberty Mines Inc.

Liberty Mines Inc. is a mineral exploration and development company with a focus on the development and mining of nickel, cobalt, copper and platinum group metals from its properties in Ontario.


No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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, exploration and development risks, commodity prices and assumed costs detailed from time to time in the filings made by Liberty with securities regulators.

Contact Information

  • For further information please contact:
    Dr. Gary Nash, PhD (Physics)
    President & CEO
    Liberty Mines Inc.
    Phone (416) 238-9736
    Fax 780-437-7898
    E-mail: Email Contact

    Press Release 6-07