Business
Imagine Lithium Closes First Tranche of $2.35 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 12, 2025) - IMAGINE LITHIUM INC. (TSXV: I...
About this update from Imagine Lithium Inc
[{"type":"text","content":"Imagine Lithium Closes First Tranche of $2.35 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 12, 2025) - IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the \"Company\" or \"Imagine\") is pleased to announce that it has closed a first tranche of the previously announced non-brokered private placement announced on February 25, 2025. The first Tranche of the private placement consists of 26,000,000 million non-flow-through common shares (the \"Common Shares\") at a price of $0.03 per common share for gross proceeds of $780,000.A second Tranche of the private placement is expected to close approximately at the end of March. The second Tranche will consist of 9,500,000 Common Shares at a price of $0.03 per Common Share for gross proceeds of $285,000, and 28,000,000 flow-through shares (the \"FT Shares\") at a price of $0.0459 per share for gross proceeds of $1,285,000. Total gross proceeds from both tranches of the private placements will be $2,350,020.Gross proceeds from the sale of the Common Shares will be used for general corporate purposes. The gross proceeds from the sale of the FT Shares will be used for general exploration expenditures on the Jackpot Lithium Project located approximately 140 km north-east of Thunder Bay, Ontario (see Figure 1). An exploration program on the property will incorporate exploration drilling at the Casino Royale Zone and targets to the north of Casino Royale, as well as a prospecting and sampling program to cover the entire Jackpot property package.The sole subscriber in both Tranches of the private placement is Interway International LLC, an arm's length party to the Company. If the second Tranche is completed as expected, Interway will become an insider of the Company by reason of holding more than 10% of the then-outstanding common shares of the Company on a non-diluted basis. There is no assurance or guarantee that the second Tranche of the private placement will complete as described or at all.The FT Shares will qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada, the \"Tax Act\") and the Company will ensure that expenditures will qualify as \"flow-through critical mineral mining expenditure\" (as defined in subsection 127(9) of Tax Act).All securities issued are subject to a statutory hold period ...