Business
Li-FT Power Closes $35 Million Private Placement of Flow-Through Shares
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2023) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) ("Li-FT" or the "Company") is pleased to announce that
About this update from Li-ft Power Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 22, 2023) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) (\"Li-FT\" or the \"Company\") is pleased to announce that it has closed the previously announced brokered private placement of 2,602,500 common shares of the Company issued on a \"flow-through\" basis (each a \"Flow-Through Share\") at a price of $13.45 per Flow-Through Share for aggregate gross proceeds of $35,003,625, which includes the full exercise of the option granted to the agents to sell up to an additional 372,000 Flow-Through Shares for additional gross proceeds of up to $5,003,400 (the \"Offering\"). The Flow-Through Shares will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). The Offering was led by Canaccord Genuity Corp. on behalf of a syndicate of agents. 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 and the Company's projects in Quebec, primarily being the Rupert Property, on or before December 31, 2024. All Qualifying Expenditures will be renounced by the Company in favour of the subscribers of the Flow-Through Shares with an effective date of not later than December 31, 2023 and in an aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of the Flow-Through Shares. The Flow-Through Shares issued pursuant to the Offering are subject to resale restrictions under applicable Canadian securities legislation until July 23, 2023. The Flow-Through Shares issued in 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 absent registration or the availability of an exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. About Li-FT Li-FT is a mineral exploration company engaged in the acquisition...