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Lithium Chile Closes its Previously Announced $0.70 Unit Financing and Welcomes Chengxin Lithium Group as Strategic Investor
(TheNewswire) CALGARY, ALBERTA - TheNewswire - January 31, 2022 -...
About this update from Lithium Chile Inc
[{"type":"text","content":"Lithium Chile Closes its Previously Announced $0.70 Unit Financing and Welcomes Chengxin Lithium Group as Strategic Investor \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n CALGARY, ALBERTA -\n \n \n TheNewswire -\n \n \n January 31, 2022\n \n \n - Lithium\nChile Inc. (“\n \n \n Lithium\nChile\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n (TSXV:LITH) (OTC:LTMCF)\n \n \n is\n \n \n pleased to announce that it has closed its\nrecently announced non-brokered private placement of units\n \n \n of the Company (“\n \n \n Units\n \n \n ”) at a price\nof $0.70 per Unit,\n \n \n issuing 10,060,000 Units for\naggregate gross proceeds of $7,042,000 (the \"\n \n \n Offering\n \n \n \").\n \n \n Each Unit is comprised of one (1) common share\nof the Company (“\n \n \n Common\nShare\n \n \n ”) and one (1) Common Share purchase\nwarrant (“\n \n \n Warrant\n \n \n ”). Each Warrant is exercisable at\n$0.85 per Common Share for a period of 24 months from the date of\nclosing of the Offering.\n \n \n Completion of the\nOffering is subject to regulatory approval including, but not limited\nto, the approval of the TSX Venture Exchange. The Common Shares and\nWarrants issued under the Offering will be subject to a four month\nhold period from the date of the closing of the Offering.\n \n \n \n \n The Company welcomes Chengxin Lithium Group Co., Ltd.\n(“\n \n \n Chengxin\n \n \n ”), as a strategic investor,\n \n \n purchasing $3,000,004 of the recent Offering through a wholly\nowned subsidiary.\n \n \n Chengxin\n \n \n is a listed company in China with a\n \n \n market capitalization\n \n \n of\n \n \n 4\n \n \n 0 billion yuan ($\n \n \n 8\n \n \n billion Cdn) and as of\n \n \n September 30\n \n \n th\n \n \n , 2021, their operating income\n \n \n for the first three quarters\n \n \n was\n \n \n 1.86\n \n \n billion yuan\n($\n \n \n 371\n \n \n million Cdn).\n \n \n Chengxin\n \n \n primarily engages\nin new energy materials business, from spodumene mining to basic\nlithium products manufacturing and sales\n \n \n .\n \n \n \n \n At present, Chengxin commands a total of 70.4kt lithium\nproduct capacity, and ranks No.2 in China, with another 60kt capacity\nunder long-term planning in Indonesia. To secure feedstock supplies,\n \n C\n \n hengxin owns upstream res...