Lithium Ionic Corp. Announces Closing of $25 Million Private Placement Offering
October 05 2022 - 8:15AM
Lithium Ionic Corp. (“
Lithium
Ionic” or the “
Company”)
(TSXV:LTH) is pleased to announce that it has closed its previously
announced private placement offering of common shares of the
Company (the “
Shares”) pursuant to which the
Company issued 15,625,000 Shares at a price of $1.60 per Share (the
“
Offering Price”) for aggregate gross proceeds of
$25,000,000 (the “
Offering”). The Offering was led
by Clarus Securities Inc., as lead agent, on behalf of a syndicate
of agents (collectively, the “
Agents”) that
included Cormark Securities Inc., PowerOne Capital Markets Ltd. and
Jett Capital Advisors, LLC.
The Company intends to use the net proceeds from
the Offering for exploration and development work on the Company’s
mineral properties and for general corporate working capital
purposes.
In connection with the Offering, the Agents
received an aggregate cash fee equal to 6.0% of the gross proceeds
from the Offering. In addition, the Company issued to the Agents
937,500 non-transferable broker warrants (the “Broker
Warrants”). Each Broker Warrant will entitle the holder
thereof to purchase one common share at an exercise price equal to
the Offering Price for a period of 24 months following the closing
of the Offering.
The Shares issued pursuant to the Offering will
be subject to a four-month and one day hold period under applicable
securities laws in Canada. The Offering remains subject to final
approval of the TSX Venture Exchange (the
“TSXV”).
About Lithium Ionic Corp.
Lithium Ionic is a Canadian-based
lithium-focused mining company with properties covering ~2,000
hectares located in the prolific Aracuai lithium province in Minas
Gerais State, Brazil, which boasts excellent infrastructure,
including highways, access to hydroelectrical grid power, water,
and nearby commercial ports. Its Itinga and Galvani claims are
located in the same district as the lithium-producing CBL mine and
development-stage Sigma Lithium Corp.’s large Barreiro and Xuxa
lithium deposits.
For Further Information,
Contact:
Blake Hylands, P.GeoChief
Executive Officerbhylands@lithiumionic.com
Cautionary Note Regarding
Forward-looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the Offering, the use of proceeds
of the Offering, TSXV’s final approval of the Offering and the
expected exploration program in Brazil. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. Forward- looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company, as the case
may be, to be materially different from those expressed or implied
by such forward-looking information, including but not limited to:
general business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; risks associated with operation in foreign
jurisdictions; foreign operations risks; and other risks inherent
in the mining industry. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
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 or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
NEITHER THE TSXV NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
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