/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./
CALGARY,
AB, Dec. 23, 2022 /CNW/ - (TSX.V: GRD)
(OTCQB: GRDAF) - Grounded Lithium Corp.
("GLC" or the "Company") filed and received the
receipt for our preliminary short-form prospectus with the
securities commissions in British
Columbia, Alberta,
Saskatchewan, Manitoba, Ontario and Quebec. This filing is
in connection with our non-brokered private placement of 12,000,000
special warrants (the "Special Warrants") of the Company for
gross proceeds of $3,000,000 (the
"Offering") completed on November
4, 2022. The Special Warrants are
automatically exercisable for units ("Units") on a
one-for-one basis, each Unit comprised of one common share of the
Company and one common share purchase warrant of the Company with a
strike price of $0.50 and exercisable
for a period of 24-months from the closing of the Offering.
Each Special Warrant will be automatically exercised into
Units on the date which is the earlier of:
(i) the second business day
following the date on which a receipt is obtained from the Alberta
Securities Commission, as principal regulator on behalf of the
applicable securities regulatory authorities in each of the
provinces and territories of Canada in which the Special Warrants are sold
for a (final) prospectus to qualify the distribution of the Units
underlying the Special Warrants; and
(ii) the date which is four months
and a day following the closing date of the Offering
We anticipate obtaining a receipt for the final short-form
prospectus early in 2023.
About Grounded Lithium
Corp.
GLC is a publicly traded lithium brine exploration and
development company that controls approximately 3.7 million tonnes
of lithium carbonate equivalent of inferred resource over our
focused land holdings in Southwest Saskatchewan. GLC's
multi-faceted business model involves the consolidation,
delineation, exploitation and ultimately development of our
opportunity base to fulfill our vision to build a best-in-class,
environmentally responsible, Canadian lithium producer supporting
the global energy transition shift. U.S. investors can find
current financial disclosure and Real-Time Level 2 quotes for the
Company on https://www.otcmarkets.com/.
Qualified Person
Scientific and technical information contained in this press
release has been prepared under the supervision of Doug Ashton, P.Eng, Suryanarayana Karri, P. Geoph., Alexey Romanov, P. Geo. and Meghan Klein, P. Eng., each of whom is a
qualified person within the meaning of National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
Forward-Looking
Statements
This press release may contain forward-looking statements and
forward-looking information within the meaning of applicable
Canadian securities laws. The opinions, forecasts, projections and
statements about future events of results, are forward looking
information, forward-looking statements or financial outlooks
(collectively, "forward-looking statements") under the
meaning of applicable Canadian securities laws. These statements
are made as of the date of this press release and the fact that
this press release remains available does not constitute a
representation by GLC that the Company believes these
forward-looking statements continue to be true as of any subsequent
date. Although GLC believes that the assumptions underlying, and
expectations reflected in, these forward-looking statements are
reasonable, it can give no assurance that these assumptions and
expectations will prove to be correct. Such statements include, but
are not limited to, statements regarding the automatic exercise of
the Special Warrants, the timing of the automatic exercise of the
Special Warrants, the timing of obtaining a receipt for the
Company's final short form prospectus, and GLC's vision of becoming
a best-in-class, environmentally responsible, Canadian lithium
producer supporting the global energy transition.
Among the important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements are: GLC's expectation that our operations will be in
Western Canada, unexpected
problems can arise due to technical difficulties and operational
difficulties which impact the production, transport or sale of our
products; geographic and weather conditions can impact the
production; the risk that current global economic and credit
conditions may impact commodity prices and consumption more than
GLC currently predicts; the failure to obtain financing on
reasonable terms; the risk that unexpected delays and difficulties
in developing currently owned properties may occur; the failure of
drilling to result in commercial projects; unexpected delays due to
the limited availability of drilling equipment and personnel; risk
of receiving a receipt for the final short form prospectus; and the
other risk factors detailed from time to time in GLC's periodic
reports. GLC's forward-looking statements are expressly qualified
in their entirety by this cautionary statement.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities in any
jurisdiction.
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 news release.
SOURCE Grounded Lithium Corp
