Lithium Chile Announces C$1.5 Million Proposed Private Placement

About this update from Lithium Chile Inc

[{"type":"text","content":" CALGARY, AB / ACCESSWIRE / May 11, 2020 / Lithium Chile Inc. (TSXV:LITH)(\"Lithium Chile\" or the \"Company\") announces that it plans to complete a non-brokered private placement of up to 15,000,000 units of the Company (the \"Units\") at a price of $0.10 per Unit, for aggregate gross proceeds of up to $1,500,000 (the \"Offering\"). There is no minimum Offering. Each Unit will be comprised of one (1) common share of the Company (a \"Common Share\") and one-half of one (1/2) Common Share purchase warrant (\"Warrant\"). Each whole Warrant shall be exercisable at $0.25 per Common Share for a period of 12 months from the date of closing of the Offering. Lithium Chile may pay a cash commission or finder's fee to qualified non-related parties of up to 8% of the gross proceeds of the Offering and broker warrants (the \"Broker Warrants\") equal to up to 8% of the number of Common Shares sold in the Offering. Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.10 per Broker Warrant for a period of 12 months from the date of issuance. The use of proceeds of the Offering is dependent on the final amount raised. Based on the maximum offering, the use of proceeds will be as follows: (i) $450,000 to advance exploration activities on the Company's Salar de Coipasa, Salar de Helados, Salar de Laguna Blanca and Salar de Turi lithium properties; (ii) $350,000 on costs related to maintaining the Company's existing claims (iii) $400,000 on exploration of the Company's Carmona and La Fortuna gold properties; and (iv) $300,000 for general corporate purposes including the costs of the Offering. As the Company is relying on the Exemption for Sales to Purchasers Advised by Investment Dealers, it confirms that there is no material fact or material change related to the Company which has not been generally disclosed. The Company will also rely on the prospectus exemption allowing sales to accredited investors. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Common Shares, Warrants and Broker Warrants issued will be subject to a four month hold period from the date of the closing of the Offering. It is expected that insiders of the Company will participate in the Offering. About Lithium Chile Lithium Chile is advancing a lithium ...

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