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LithiumBank Announces Closing of Flow-Through Private Placement & First Tranche of LIFE Private Placement for Aggregate Gross Proceeds of $4,131,000
Vancouver, British Columbia--(Newsfile Corp. - April 7, 2025) -   LithiumBank Resources Corp...
About this update from Lithiumbank Resources Corp.
[{"type":"text","content":"LithiumBank Announces Closing of Flow-Through Private Placement & First Tranche of LIFE Private Placement for Aggregate Gross Proceeds of $4,131,000Vancouver, British Columbia--(Newsfile Corp. - April 7, 2025) -  LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) (\"LithiumBank\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement of 5,000,000 flow-through units (the \"FT Units\") that qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada) at a price of $0.40 per FT Unit for gross proceeds of up to $2,000,000 from the sale of FT Units (the \"FT Offering\").Each FT Unit consists of one flow-through common share of the Company issued as a \"flow-through share\" within the meaning of the Income Tax Act (each, a \"FT Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"FT Warrant\"). Each FT Warrant entitles the holder to purchase one common share of the Company (each, a \"FT Warrant Share\") at a price of $0.60 per FT Warrant Share at any time on or before the date which is 36 months after the date of issue. The FT Units were offered by way of the accredited investor and minimum amount exemptions provided under sections 2.3(1), 2.5 and 2.10 of National Instrument 45-106 - Prospectus Exemptions, respectively, and are subject to a four-month hold period from the closing date of the FT Offering under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.In connection with the FT Offering, the Company (i) paid to Red Cloud Securities Inc. a cash finder's fee of $140,000; and (ii) issued to Red Cloud Securities Inc. 350,000 finders' warrants (\"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.An amount equal to the gross proceeds form the issuance of the FT Shares partially comprising the FT Units will be used to incur, on the Company's Canadian mineral exploration properties, Canadian exploration expenses that qualify as \"flow-through mining expenditures\", as defined in subsection 127(9) of the Income Tax Act, in...