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Arctic Fox Lithium Arranges Non-Brokered Private Placement of Flow-Through and Non-Flow-Through Units
Vancouver, BC - TheNewswire - May 16, 2023 - Arctic Fox Lithium Corp. (CSE:AFX) (FSE:7N4) (the “Company”) is pleased to announce that it has arranged a non-brok
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"Vancouver, BC - TheNewswire - May 16, 2023 - Arctic Fox Lithium Corp. (CSE:AFX) (FSE:7N4) (the “Company”) is pleased to announce that it has arranged a non-brokered private placement of up to 7,500,000 flow-through units (“FT Units”) at a price of $0.18 and up to 10,000,000 non-flow-through units (“NFT Units”) at a price of $0.15 to raise gross proceeds of up to $1,350,000 and $1,500,000 respectively. The FT Units will be composed of one common share in the capital of the Company and one-half of one non-transferable share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company for a period of 24 months from the closing date at an exercise price of $0.25. Proceeds from the exercise of the common share purchase warrants comprising part of the FT Units will not be eligible for flow-through expenditures. The Company will seek from the Canadian Ministry of Natural Resources certification for flow-through eligibility and intends to use the gross proceeds from the sale of the flow-through shares to incur exploration expenses that are eligible Canadian exploration expenses (as such term is defined in the Income Tax Act (Canada)) on the Company’s portfolio of lithium projects in the James Bay region of Québec, which will also qualify for the Canadian government’s critical minerals exploration tax credit. The NFT Units will be composed of one common share in the capital of the Company and one non-transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company for a period of 24 months from the closing date at an exercise price of $0.25. The Company intends to use the proceeds from this portion of the private placement to make option payments on its various mineral projects and for general working capital. All securities issued from both the FT Units and NFT Units will be subject to a four-month and one day hold period from the closing date. The Company may pay finders’ fees in connection with the issuance of the FT Units and the NFT Units. About Arctic Fox Lithium Corp. Arctic Fox Lithium Corp. is a junior mineral exploration company focused on the acquisition and development of mineral properties containing battery, base and precious metals...