LSC Lithium Announces Update On Rights Offering
August 20 2018 - 6:30AM
LSC Lithium Corporation (“
LSC” or together with
its subsidiaries, the “
Company”) (TSXV:LSC)
announced today that the record date in respect of its previously
announced rights offering (the “
Rights Offering”)
will be August 27, 2018 (the “
Record Date”).
As announced by LSC on August 16, 2018, each
shareholder as of the Record Date will be issued 0.16142 of one
right (each whole right, a “Right”) for each Share
held on the Record Date, entitling the holder to purchase one unit
of the Company (“Unit”) for each Right at a price
of C$0.40 per Unit. Each Unit shall be comprised of one Share and
one-half of one Share purchase warrant
(“Warrant”). Each whole Warrant will entitle the
holder to purchase one Share at a price of C$0.55 for a period of
18 months from closing of the Rights Offering. The aggregate gross
proceeds of the Rights Offering are expected to be up to C$9.2
million.
The Rights will trade on the TSX Venture
Exchange (“TSXV”) and any shareholder can
subscribe not only for its pro rata share of the Rights Offering
but can take up additional Units which are unsubscribed for under
the terms set out in the rights offering circular. On August 31,
2018, a rights offering notice will be mailed to each shareholder
as of the Record Date. The option to acquire Units pursuant to the
Rights Offering will expire on September 21, 2018 and closing
will occur shortly thereafter.
The net proceeds from the planned Rights
Offering will be used by the Company to support ongoing development
activities at the Company’s three major projects, the
Pozuelos-Pastos Grandes Project (the “PPG
Project”), the Rio Grande Project and the Salinas Grandes
Project as well as for general working capital purposes. In
particular, a comprehensive development and engineering program on
the PPG Project is currently underway in support of completing a
Preliminary Economic Assessment by the end of Q4 2018. In addition,
funds will also be allocated to an exploration program on the Rio
Grande Project for the purpose of delivering an updated resource
statement and for further exploration work on LSC’s Salinas Grandes
Project with a view to completing a maiden mineral resource.
More details on the Rights Offering will be set
out in the rights offering notice and rights offering circular,
both of which will be available under LSC’s SEDAR profile at
www.sedar.com.
The Rights Offering is subject to regulatory
approval, including the approval of the TSXV. The Company has
obtained conditional approval from the TSXV.
ABOUT LSC LITHIUM
CORPORATION:
LSC Lithium has amassed a large portfolio of
prospective lithium rich salars and is focused on developing its
material projects: Pozuelos and Pastos Grandes Project, Rio Grande
Project and Salinas Grandes Project. 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.
For further information please
contact: LSC Lithium Corporation Ian Stalker, President
& Chief Executive Officer40 University Avenue, Suite
605Toronto, ON Canada M5J 1T1+416 306 8382Email:
info@lsclithium.comWeb: lsclithium.com
Forward-Looking Statements or
Information
Certain statements contained in this news
release constitute forward-looking information under applicable
securities law. These statements relate to future events or future
performance, including statements as to: the Company’s intention to
complete the Rights Offering and the timing thereof; the estimated
aggregate gross proceeds from the Rights Offering; and the use of
proceeds of the Rights Offering. The use of any of the words
“could”, “anticipate”, “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 timely receipt of any
required regulatory approvals; title, permitting and regulatory
risks; exploration and the establishment of any resources or
reserves on the LSC properties; volatility in lithium prices and
the market for lithium; currency, exchange and interest rate
fluctuations; volatility in LSC’s share price; the requirement for
significant additional funds for development that may not be
available; timing and outcome of the strategic review process;
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. 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.
Lsc Lithium Corporation (TSXV:LSC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lsc Lithium Corporation (TSXV:LSC)
Historical Stock Chart
From Jul 2023 to Jul 2024