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Li3 Lithium Completes $170,000 Private Placement
Toronto, Ontario--(Newsfile Corp. - November 23, 2023) - Li3 Lithium Corp. (TSXV: LILI) (" Li3 Li...
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[{"type":"text","content":"Li3 Lithium Completes $170,000 Private PlacementToronto, Ontario--(Newsfile Corp. - November 23, 2023) - Li3 Lithium Corp. (TSXV: LILI) (\"Li3 Lithium\" or the \"Company\") is pleased to announce that it has completed the non-brokered private placement previously announced on October 10, 2023 (the \"Private Placement\") for aggregate gross proceeds of $170,000. The Private Placement involved the issuance of 3,400,000 units (\"Units\") at a price of $0.05 per Unit. Each Unit consists of one (1) common share in the capital stock of the Company (a \"Common Share\") and one (1) warrant. Each warrant will entitle the holder to purchase one Common Share for $0.10 at any time within eighteen (18) months after closing, as long as the holder, would in the aggregate beneficially own, or exercise control or direction over that number of voting securities of the Corporation which is less than ten percent (10%) of the total issued and outstanding voting securities of the Corporation, immediately after giving effect to such exercise. All securities issued pursuant to the Private Placement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The net proceeds from the sale of the Units will be used for general working capital purposes and to assist in conducting due diligence related to identifying and evaluating hard rock spodumene assets for potential acquisition in Zimbabwe and the Americas. The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange (\"TSXV\"). Insiders of the Company acquired directly and indirectly a total of $30,000 worth of Units or 600,000 Units in the Private Placement on the same basis as other participants. The direct and indirect participation in the Private Placement by an insider of the Company constitutes a \"related party transaction\" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions from the formal valuation (section 5.5(b)) and minority approval requirements (section 5.7(1)(b)) under MI 61-101.Mutare Lithium Project, ZimbabweThe Mutare ...