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Snow Lake Lithium Announces Premium Pricing of CDN$7.7 Million Flow-Through Offering
Winnipeg, Manitoba--(Newsfile Corp. - September 18, 2023) - Snow Lake Resources Ltd., d/b/a Snow Lake Lithium™ (NASDAQ: LITM) ("Snow Lake" or the "Company") is
About this update from Frontier Nuclear And Minerals Inc.
[{"type":"text","content":" Winnipeg, Manitoba--(Newsfile Corp. - September 18, 2023) - Snow Lake Resources Ltd., d/b/a Snow Lake Lithium™ (NASDAQ: LITM) (\"Snow Lake\" or the \"Company\") is pleased to announce that it has priced and intends to complete a best-efforts flow-through financing of 2,133,979 of its common shares (each, a \"Share\") at a price of CDN$3.6117 (US$2.67) per Share for gross proceeds of CDN$7,707,291.95 (US$5,697,709.73) (the \"Offering\"). The proceeds of the Offering will be used exclusively to further the Company's lithium exploration and development programs in Manitoba. The Shares will be offered for purchase and sale to purchasers in the province of Manitoba on a private placement basis under Canadian law. The Offering will be registered under applicable United States securities laws pursuant to a registration statement on Form F-3 filed with, and previously declared effective by, the United States Securities and Exchange Commission under the United States Securities Act of 1933, as amended. The Company anticipates that the closing of the sale of the Shares will occur on or about September 21, 2023, and remains subject to the receipt of all necessary approvals. CEO Remarks Frank Wheatley, CEO of Snow Lake, commented: \"We are extremely pleased to have arranged and priced this Offering at $2.67 per share, representing a 45% premium to our most recent closing price, minimizing the impact of dilution to our shareholders. \"Funds raised through this raise will allow Snow Lake to continue to execute on its business plan to develop the Snow Lake Lithium™ Project into Canada's next lithium mine, and to support the EV transition in North America.\" Next Steps The proceeds from the Offering will allow Snow Lake to commence and make substantial progress on completion of the following development activities on the Snow Lake Lithium™ Project during the balance of 2023: Pre-feasibility study on the Snow Lake Lithium™ Project Winter drill program designed to expand the size and confidence of the current mineral resource Year 2 of the environmental baseline data collection program Additional metallurgical testwork, including potential bulk samples, to support the pre-feasibility study and product qualification Community and Indigenous consultations Discussions with potential off-takers for both direct shipping ore (\"DSO\") and spodumene co...