/NOT FOR DISSEMINATION IN THE US OR THROUGH US
NEWSWIRE SERVICES/
TORONTO, Nov. 9, 2017 /CNW/ - LSC Lithium Corporation
("LSC" or the "Company") (TSXV:LSC) is pleased to
announce the closing of its previously announced private placement
of 4,800,000 units of the Company (the "Units"), at a price
of C$1.25 per Unit (the "Offering
Price"), representing total gross proceeds of C$6,000,000 (the "Offering"). GMP
Securities L.P. (the "Agent") acted as agent in connection
with the Offering.
Each Unit consists of one common share of the Company (a
"Common Share") and one-half of one Common Share purchase
warrant (each whole warrant a "Warrant"). Each Warrant
entitles the holder to acquire one Common Share of the Company at a
price of C$1.55 for a period of 36
months following the date of closing of the Offering (the
"Closing Date"). The Warrants have an acceleration provision
such that if, at any time after the first six months following the
Closing Date, the volume-weighted average daily trading price of
the Common Shares on the TSX Venture Exchange is C$2.25 or more for 10 consecutive trading days,
then the Company may, anytime thereafter, accelerate the expiry
date of the Warrants to the date that is 20 days following the date
the Company provides notice to warrant holders of the new expiry
date.
The net proceeds of the Offering will allow LSC to further
continue its expanded exploration program for 2017 and 2018 on its
lithium assets in Argentina.
The Agent received a cash fee equal to 6% of the gross proceeds
of the Offering and 288,000 broker's warrants (the "Broker
Warrants"), representing 6% of the number of Units sold
pursuant to the Offering, as compensation for acting as the broker
in connection with the Offering. Each Broker Warrant is
exerciseable into one Unit at the Offering Price for a period of 36
months from the Closing Date.
The securities issued pursuant to the Offering (including the
underlying securities) are subject to a 4 month hold period under
applicable securities laws.
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 as to the
following: LSC's intentions regarding the use of proceeds of the
Offering, the exercise of Warrants and Broker Warrants, and the
trading price of the Common Shares. 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, such as
risks related to the Use of Proceeds of the Offering and the
approval of the regulatory authorities; volatility in lithium
prices and the market for lithium; exchange rate fluctuations;
volatility in LSC's share price; the requirement for significant
additional funds for development that may not be available; changes
in national and local government legislation, including permitting
and licensing regimes and taxation policies and the enforcement
thereof; regulatory, political or economic developments in
Argentina or elsewhere;
litigation; title, permit or license disputes related to interests
on any of the properties in which the Company holds an interest;
excessive cost escalation as well as development, permitting,
infrastructure, operating or technical difficulties on any of the
Company's properties; risks and hazards associated with the
business of development and mining on any of the Company's
properties as well as other risks as disclosed in the Company's
Filing Statement on SEDAR, dated January 27,
2017. 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.
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.
All dollar amounts are in Canadian dollars.
SOURCE LSC Lithium Corporation