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Li-FT Power Announces $30 Million Private Placement of Flow-through Shares
VANCOUVER, BC, Feb. 22, 2023 /CNW/ - Li-FT Power Ltd. ("Li-FT" or the "Company") (CSE: LIFT) (Frankfurt: WS0) is pleased to announce that it has entered into an
About this update from Li-ft Power Ltd.
[{"type":"text","content":" VANCOUVER, BC, Feb. 22, 2023 /CNW/ - Li-FT Power Ltd. (\"Li-FT\" or the \"Company\") (CSE: LIFT) (Frankfurt: WS0) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of agents (collectively, the \"Agents\") in connection with a \"best efforts\" private placement of 2,230,500 flow-through common shares of the Company (the \"Flow-Through Shares\") that will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). The Flow-Through shares will be issued at a price of $13.45 per Flow-Through Share (the \"Offering Price\") for aggregate gross proceeds of up to $30,000,225 (the \"Offering\"). The Agents will have an option (the \"Agents' Option\") to increase the size of the Offering by up to C$5,003,400 through the sale of additional Flow-Through Shares at the Offering Price, which Agents' Option is exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date (defined herein). The gross proceeds of the Offering will be used by the Company to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through critical mineral mining expenditures\" as such terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") related to the Company's Yellowknife Lithium Project located in the Northwest Territories, Canada on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2023. The Flow-Through Shares will be offered by way of private placement pursuant to applicable exemptions from prospectus requirements in each of the provinces of Canada, and in such other jurisdictions as may be mutually agreed between the Company and the Agents. The Offering is expected to close on or about March 22, 2023 (the \"Closing Date\"), subject to the satisfaction or waiver of the customary closing conditions, including the conditional listing approval of the Canadian Securities Exchange. The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons ...