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Arctic Fox Lithium Closes First Tranche of Non-Brokered Private Placement of Units
VANCOUVER, BRITISH COLUMBIA (July 29, 2024) – TheNewswire – Arctic Fox Lithium Corp. (CSE: AFX / FSE: O5K) (the “Company”) is pleased to announce that, further
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA (July 29, 2024) – TheNewswire – Arctic Fox Lithium Corp. (CSE: AFX / FSE: O5K) (the “Company”) is pleased to announce that, further to its press release dated July 16, 2024, it has closed the first tranche of its non-brokered private placement of units (“Units”) through the issuance of 5,100,000 Units at a price of $0.015 per Unit for gross proceeds of $76,500. The Units are composed of one common share in the capital of the Company and one common share purchase warrant (a “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 $0.05. The Company intends to use the proceeds from the sale of the Units for general working capital. Harry Chew, an insider of the Company, subscribed for 1,300,000 Units in the private placement. The sale of the Units to Mr. Chew constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements for related party transactions under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of Units to Mr. Chew, exceeds 25% of the Company’s market capitalization (as determined under MI 61-101). All securities comprising the Units are subject to a four-month and one day hold period from the closing date. No finders’ fees were paid in connection with the issuance of the 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. The Company’s 2,859-hectare Pontax North Lithium Project (“Pontax North”) is located 12 km south of Allkem Ltd. (ASX/TSX:ALLKEM) (“Allkem”) James Bay Lithium Project (Proven & Probable Reserves of 37.3 Mt @ 1.27% Li2O ; Measured & Indicated Resources of 54.3 Mt @ 1.30% Li2O - NI 43-101 Technical Report dated September 29, 2023) and 12 km north of Stria Lithium Inc.’s (CSE:SRA) Pontax Lithium Project (non NI 43-101 c...