Business
Lithium Chile Closes the Previously Announced $27,900,000 Private Placement at $0.95 with Chengxin Lithium Group and Expands their Development Program on Salar De Arizaro Argentina, from Three Wells to Seven Wells
(TheNewswire) CALGARY, ALBERTA – TheNewswire - May 16, 2022 ...
About this update from Lithium Chile Inc
[{"type":"text","content":"Lithium Chile Closes the Previously Announced $27,900,000 Private Placement at $0.95 with Chengxin Lithium Group and Expands their Development Program on Salar De Arizaro Argentina, from Three Wells to Seven Wells\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n CALGARY, ALBERTA –\n \n \n TheNewswire\n-\n \n \n May 16, 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 (TSX:LITH) (OTC:LTMCF)\n \n \n is pleased\nto announce that it has successfully closed the Company’s previously\nannounced $0.95 Private Placement with Chengxin Lithium Group\n(“\n \n \n Chengxin\n \n \n ”). The $27,900,000 added to the Company’s existing\nworking capital of approximately $15,000,000, will give the Company an\nunprecedented $43,000,000 in cash. The Company is in a strong\nfinancial position to accelerate existing exploration projects and the\nfinancial flexibility to pursue other opportunities.\n \n \n \n \n In light of the Company’s healthy working capital\nposition and significant resource\n \n \n reported on\nits maiden well\n \n \n , Lithium Chile is also pleased\nto announce they are expanding the Company’s previously announced\nPhase 2 development program (see February 14, 2022, News Release) on\nthe Company’s Arizaro property. The program has expanded from three\nexploration holes to four exploration holes and up to three additional\nproduction wells. This expanded program now budgeted at US $4,000,000,\nhas the full support and participation of Chengxin Lithium Group.\nChengxin’s goal is to advance the Company’s Salar de Arizaro\nproperty into production as soon as possible. Two rigs have been\ncontracted and a temporary camp to house the drilling contractors and\ncompany technicians has been rented. The Company anticipates drilling\nto commence soon; delays are a result of the significant increase in\nactivities throughout the lithium industry.\n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n Figure #2 – Phase 2 Exploration\nCampaign - Proposed Well Locations, Arizaro, Argentina\n \n \n \n \n Currently underway, Lithium Chile is completing a\nunique metallurgical testing program on its future production well to\ndefine the proper approach for dir...