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Arctic Fox Lithium Closes Second Tranche of Non-Brokered Private Placement of Flow-Through and Non-Flow-Through Units
Vancouver, British Columbia - TheNewswire - July 24, 2023 - Arctic Fox Lithium Corp. (CSE:AFX) (FSE:7N4) (the “Company”) is pleased to announce that it has clos
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - July 24, 2023 - Arctic Fox Lithium Corp. (CSE:AFX) (FSE:7N4) (the “Company”) is pleased to announce that it has closed the second tranche of its non-brokered private placement of flow-through units (“FT Units”) at a price of $0.18 per FT Unit and non-flow-through units (“NFT Units”) at a price of $0.15 per NFT Unit that was first announced on May 16, 2023. In connection with the closing of the second tranche, the Company issued 2,600,000 FT Units for gross proceeds of $468,000.00 and 1,033,333 NFT Units for gross proceeds of $154,999.95. The FT Units are composed of one common share in the capital of the Company to be issued as a “flow-through share” and one-half of one non-transferable common share purchase warrant (each whole 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 $0.25. Proceeds from the exercise of the 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 FT Units 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 are composed of one common share in the capital of the Company and one non-transferable 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 the sale of the NFT Units to make option payments on its various mineral projects and for general working capital. All securities comprising the FT Units and the NFT Units are subject to a four-month and one day hold period from the closing date. The Company paid finders’ fees in connection with the issuance of the FT Units and the NFT Units in an aggregate amount...