Business
Consolidated Lithium Metals Announces $300,000 Private Placement Financing
TORONTO, Feb. 14, 2025 (GLOBE NEWSWIRE) -- CONSOLIDATED LITHIUM METALS INC. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“Consolidated Lithium” or the “Company“) anno
About this update from Consolidated Lithium Metals Inc
[{"type":"text","content":" TORONTO, Feb. 14, 2025 (GLOBE NEWSWIRE) -- CONSOLIDATED LITHIUM METALS INC. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“Consolidated Lithium” or the “Company“) announces today that it intends to complete a best efforts non-brokered private placement financing of up to 30,000,000 units (each, a “Unit”) at a price of $0.01 per Unit for gross proceeds of up to $300,000 (the “Offering”). Each Unit will consist of one common share of the Company and one-half common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.05 for a period of 24 months from issuance. Closing of the Offering is expected to occur on or about February 28, 2025. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSX Venture Exchange (“TSXV”) approval. Finder’s fees may be paid to eligible finders in accordance with the policies of the TSXV consisting of a cash commission equal to up to 6% of the gross proceeds raised under the Offering and finder warrants (“Finder Warrants”) in an amount equal to up to 6% of the number of Units sold pursuant to the Offering. Each Finder Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.05 per share for a period of 24 months following the closing date of the Offering. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. None of the proceeds are expected to be used to make payments to Persons conducting Investor Relations Activities (as such terms are defined in the policies of the TSXV) Approximately 25% of the gross proceeds is expected to be used to satisfy current and future payment obligations owing to Non-Arm’s Length Parties (as such term is defined in the policies of the TSXV). Except as set out herein, no specific use has yet been identified by the Company for amounts representing 10% or more of the gross proceeds. While details have yet to be finalized, senior management of the Company, including Brett Lynch, the chairman of the Company, and Richard Quesnel, the chief executive officer and a director of the Company inte...