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Consolidated Lithium Metals Closes Final Tranche of Flow-Through Private Placement Financing
TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“CLM” or the “Company“) is pleased to announc
About this update from Consolidated Lithium Metals Inc
[{"type":"text","content":" TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“CLM” or the “Company“) is pleased to announce that it has closed its third and final tranche of a previously announced non-brokered private placement financing of common shares of the Company issued on a flow-through basis (each, a “Flow-Through Share”) at a price of $0.08 per Flow-Through Share (the “Offering”) for proceeds of $1,000,000 (the “Final Tranche”). In total, an aggregate of 21,250,000 Flow-Through Shares were issued by the Company pursuant to the Offering for proceeds of $1.7 million. For more information about the Offering and the first tranche and second tranche closings (the “Prior Tranches”), please see the Company’s press releases dated May 24, 2023, June 12, 2023, and June 26, 2023, and July 20, 2023, which are available under the Company’s SEDAR profile at www.sedar.com. Pursuant to the Final Tranche, CLM issued 12,500,000 Flow-Through Shares at a price of $0.08 per share, each of which are subject to a statutory four month hold period, which expires on December 11, 2023. Completion of the Offering (including the Prior Tranches) is subject to receipt of final approval of the TSX Venture Exchange (“TSXV”). In connection with the Final Tranche, CLM paid finder’s fees of $80,000 in cash and issued 1,000,000 non-transferable finder’s warrants (“Finder’s Warrants”) to Roche Securities Limited in accordance with TSXV policies. Each Finder’s Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.08 at any time prior to August 10, 2025. The Company intends to use the proceeds of the Offering to fund exploration expenses on its Baillarge lithium mining property. The Company may also use proceeds to fund exploration expenses at its other lithium mining properties located in close proximity to the North American Lithium mine, including its Preissac – La Corne and Vallée projects. Option Grant The Company also announces that it has granted 500,000 stock options to a director of the Company pursuant to the Company’s omnibus incentive plan. The stock options vest in equal quarterly installments over two years and may be exercised at a price of $0.08 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TS...