Business
Lithium Chile Strategic Investor, Chengxin Lithium, Increases Stake to 19.86% Through a $27,911,000 Private Placement
(TheNewswire) CALGARY, ALBERTA – TheNewswire - April 4, 2022 &...
About this update from Lithium Chile Inc
[{"type":"text","content":"Lithium Chile Strategic Investor, Chengxin Lithium, Increases Stake to 19.86% Through a $27,911,000 Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n CALGARY, ALBERTA –\n \n \n TheNewswire\n-\n \n \n April 4, 2022 –\n \n \n Lithium Chile Inc.\n \n \n (TSXV:LITH) (OTC:LTMCF)\n \n \n (“\n \n \n Lithium Chile\n \n \n ” or\nthe “\n \n \n Company\n \n \n ”) is pleased to announce that it plans to complete a\nnon-brokered private placement of 29,380,000 common shares of the\nCompany (“\n \n \n Offered\nShares\n \n \n ”) at a price of $0.95 per Offered\nShare, for aggregate gross proceeds of $27,911,000 (the\n“\n \n \n Offering\n \n \n ”). The Offering is to be completed by a wholly owned\nsubsidiary of\n \n \n \n \n Chengxin\n \n \n Lithium Group Co., Ltd.\n(“\n \n \n Chengxin\n \n \n ”). In conjunction with the Offering, Chengxin will be\nentitled to nominate two directors to the board of directors of\nLithium Chile and Chengxin has agreed to provide Lithium Chile with\ntwo technical personnel to aid in the exploration and development of\nthe Company's properties in Argentina.\n \n \n \n \n Chengxin participated in the recent private placement\ncompleted by Lithium Chile (see news release dated January 31, 2022).\nThat private placement was for units comprised of 4,285,720 common\nshares and 4,285,720 share purchase warrants. Completion of the\nproposed Offering, along with the exercise of Chengxin existing\nwarrants, will bring Chengxin’ stake in the Company to 19.86%. This\nwill result in total gross proceeds of $34,553,866.\n \n \n \n \n Steve Cochrane, President and CEO commented\n“\n \n \n We are thrilled to have\nChengxin as a key strategic and cornerstone shareholder of our\nCompany. Chengxin supports our vision, and with their investment, we\ncan rapidly accelerate the exploration and developments of our\nproperties with an eye on increasing our existing resources in a very\nmeaningful way. These additional funds will allow the Company to look\nat opportunities we have been presented with that will result in\nexpanding our footprint in both Argentina and Chile. Chengxin is a\nwell-respected leader in the lithium space; their extensive experience\nwill be valuable as our Company continues to forge ahead. I note the...