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Calibre Mining says Pierre Lassonde provides $2mln financing for 11% stake

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Calibre Mining (CVE:CXB), a Canadian miner focused on Nicaragua, surged in midday trades after announcing a $2 million strategic financing by Franco-Nevada chairman Pierre Lassonde, which accounts for an 11 percent stake in the company.

Shares jumped 28 percent to 11.5 Canadian cents at 1:42 p.m. in Toronto.

Calibre intends to sell, on a private placement basis, 25 million units of the company at a price of $0.08 per unit to Pierre Lassonde for gross proceeds of $2 million, the Vancouver, British Colombia-based company said in a statement today.

Following the closing of the private placement, Lassonde will hold an 11.2 percent equity stake in Calibre on an undiluted basis, Calibre said.

Each unit will consist of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share for $0.15 for a period of 24 months from the closing date.

"Calibre is very pleased to welcome Pierre Lassonde as a significant new shareholder of the company," Calibre's chairman Douglas Forster said in the statement.  "Mr. Lassonde is well known in the international mining community and North American capital markets and he is currently Chairman of Franco-Nevada Corporation." 

Calibre is advancing the company's gold projects in Nicaragua in partnership with B2Gold (NYSEMKT:BTG), Iamgold (TSE:IMG) and Alder Resources (CVE:ALR). 

The proceeds of the private placement will be used to advance the exploration and development of the company's 100 percent owned projects in Nicaragua and for general working capital purposes, it said.

Calibre controls a 100 percent interest in 253 square kilometres of mineral concessions in the Mining Triangle of Northeast Nicaragua. 

Quick facts: Calibre Mining Corp

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TSX-V:CXB
Market: TSX-V
Market Cap: -
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