TORONTO, Sept. 15, 2017 /CNW/ - LSC Lithium
Corporation ("LSC" or the "Company") (TSXV: LSC) is
pleased to announce that, further to its August 16, 2017 news release, it has extended the
time to complete its private placement offering (the
"Offering") of common shares. The TSX Venture Exchange has
granted an extension to the deadline for filing final documents to
October 16, 2017 at an offering price
of CAD$1.10 or USD$0.91 per common share.
To date, the Company has completed three non-brokered tranches
of the Offering, pursuant to which 10,695,718 Common Shares have
been issued for aggregate gross proceeds of approximately
C$11.8 million. The Company
anticipates closing further tranches shortly and has already
secured a commitment of US$3 million.
The tranches of the Offering were completed on each of August 21, 2017, August
31, 2017, and September 11,
2017. The common shares are subject to resale restrictions
under Canadian securities law which were distributed and will
expire on the following dates:
Date of
Distribution
|
|
Number of
Shares
|
|
Date of Expiry of
Resale Restrictions
|
August 21,
2017
|
|
4,855,112
|
|
December 22,
2017
|
August 31,
2017
|
|
4,077,727
|
|
January 1,
2018
|
September 11,
2017
|
|
1,762,879
|
|
January 12,
2018
|
The Company also announces that the Board of Directors of the
Company (the "Board") granted 2,850,000 options to purchase
common shares to certain directors and officers, at an exercise
price of $1.30, for a term of five
years, pursuant to the Company's incentive stock option plan. In
considering the option grants, the Board took into account that the
directors approved a reduction to independent directors' fees
(effective August 19, 2017), previous
option grants, and the fact that the Chairman, Wayne Richardson and director, Stephen Dattels, are not paid any director fees.
The granting of stock options under the stock option plan is a
meaningful part of the Company's annual compensation policy,
particularly in such circumstances.
The Company's Stock Option Plan allows for the issuance of up to
10% of issued and outstanding share capital in the form of
incentive stock options. As a result of this grant, the Company has
10,850,000 stock options issued, representing 8.5% of the issued
and outstanding share capital.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium
rich salars and is focused on developing its tenements located in
five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes
and Jama. All LSC tenements are located in the "Lithium
Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium
brine deposits are found. LSC Lithium has a land package portfolio
totaling approximately 300,000 hectares, which represents extensive
lithium prospective salar holdings in Argentina.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information. These statements relate to future
events or future performance, including statements regarding the
Offering and its completion. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on LSC's current belief or assumptions as
to the outcome and timing of such future events. Whether actual
results and developments will conform with LSC's expectations is
subject to a number of risks and uncertainties including factors
underlying management's assumptions, including risks related to
completion of the Offering. Actual future results may differ
materially. The forward-looking information contained in this
release is made as of the date hereof and LSC is not obligated to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein. For more information see the
Company's filing statement on SEDAR at
www.sedar.com.
Neither the TSX Venture Exchange Inc. 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.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this press release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the U.S. Securities Act) or any
state securities laws and may not be offered or sold within
the United States unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
SOURCE LSC Lithium Corporation