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LithiumBank Announces Closing of Final Tranche of LIFE Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 8, 2025) - LithiumBank Resources Corp. (TSX...
About this update from Lithiumbank Resources Corp.
[{"type":"text","content":"LithiumBank Announces Closing of Final Tranche of LIFE Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 8, 2025) - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) (\"LithiumBank\" or the \"Company\") is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the \"LIFE Offering\") of units of the Company (\"LIFE Units\") at a price of $0.35 per LIFE Unit for aggregate gross proceeds of approximately $2.9 million under the LIFE Offering. The Company raised total gross proceeds of approximately $4.9 million under the LIFE Offering and its previously announced private placement of flow-through units.Each LIFE Unit consists of one common share in the capital of the Company (a \"Share\") and one-half of one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to purchase one Share for a period of thirty-six (36) months from the date of issue at an exercise price of $0.50.The LIFE Units were issued on a private placement basis pursuant to the Listed Issuer Financing Exemption (the \"LIFE Exemption\") under Part 5A of NI 45-106 and such securities are immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. In connection with the LIFE Offering, the Company (i) paid to Red Cloud Securities Inc. a cash finder's fee of $7,595; (ii) issued to Red Cloud Securities Inc. 21,700 finders' warrants (\"Finders' Warrants\"); (iii) paid to Leede Financial Inc. a cash finder's fee of $26,464.90; and (iv) issued to Leede Financial Inc. 75,614 Finders' Warrants. Each Finders' Warrant is exercisable into one common share of the Company at a price of $0.35 at any time on or before the date, which is 36 months after the date of issue. The Finders' Warrants and underlying common shares are subject to a statutory four-month hold period from the closing date of the LIFE Offering, except as permitted by applicable securities legislation.The Company intends to use the net proceeds of the LIFE Offering for brine hosted mineral license payments, environmental assessment studies and community consultation. The LIFE Offering is subject to the final approval of the TSX Venture Exchange (\"TSXV\").The securities being offered have not been and will n...