Colibri Announces the Closing of its Oversubscribed Private Placement

DIEPPE, NB, Nov. 7, 2016 /CNW/ - (CBI: TSX-V) Colibri Resource Corporation (Colibri or the Company) is pleased to announce that further to its press releases dated Oct. 25th and Oct. 26th, it has closed on Nov. 3rd,  a non-brokered private placement of 2,667,166 units for gross proceeds of $400,074.90. Each unit consists of one common share and one whole non-transferable warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 for a period of 24 months from the closing date. The Company has paid a commission of 8% of the proceeds and has issued 205,373 Brokers warrants exercisable at $0.25 for 24 months from closing.

The net proceeds of the Financing will be used for exploration of the Company's properties, reviewing additional properties, and general working capital purposes. Colibri is in the process of planning a work program on its 506 hectare Evelyn Gold Property located in northwest Sonora, Mexico.

All securities issued in connection with this Financing are subject to a four-month hold period from closing in accordance with securities regulation.

About Colibri Resource Corporation:

Colibri is a Canadian mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward looking statements concerning future operations of Colibri Resource Corp.(the "Company"). All forward looking statements concerning the company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control.  Investors are cautioned that any such statements are not guarantees of future performance and that actual performance, exploration and financial results may differ materially from any estimates and projections.

SOURCE Colibri Resource Corporation

For further information: Edward Stringer, President, CEO and Director, Tel: (506) 383-4274, edstringer@colibriresource.com


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