Nevada Lithium Announces Closing of $6 Million Private Placement led by Strategic Investor Marcel Boekhoorn

About this update from Nevada Lithium Resources, Inc.

[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K) (“Nevada Lithium” or the “Company”) is pleased to announce that it has completed a non-brokered private placement consisting of the issuance of a total of 48,000,007 units (each, a “Unit”) at a price of $0.125 per Unit, raising aggregate gross proceeds of $6,000,000.88 (the “Offering”). Each Unit consists of one common share of the Company (each, a “Share”) and one common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one Share at a price of $0.175 per Share for a period of three (3) years from the closing of the Offering (the “Closing”). The net proceeds from the Offering will be used to advance the Company’s 100% owned Bonnie Claire Lithium project (the “Project”), located in Nye County, Nevada, towards an updated Preliminary Economic Assessment (“PEA”) and Pre-Feasibility Study (“PFS”) on the Project, and for general corporate purposes. Stephen Rentschler, CEO of Nevada Lithium stated, “We are grateful for the continued support of our strategic shareholders. This support has forcefully driven the positive progress at Bonnie Claire, as illustrated only a few months ago by the identification of our high-grade Lithium Boron mineralized zone. We are confident that further work on the Project, which this continued support directly allows, will add shareholder value. Bonnie Claire is already one of the largest lithium resources in North America, and we think that this deposit has yet to reveal its best to us. Located in the premier mining jurisdiction of Nevada, we believe that Bonnie Claire is one of the most attractive undeveloped lithium assets in the world.” The Company paid certain finders a cash finder fee equal to 7% of the gross proceeds realized by the Company in respect of the sale of Units in the Offering (the “Finder Fee”) and finder warrants equal in number to 8% of the total number of Units sold (the “Finder Warrants”). Each Finder Warrant entitles the holder thereof to acquire one Unit at an exercise price of $0.125 for a period of three years from the Closing. PowerOne Capital Markets Limited acted as a finder in connection with a portion of the Offering. All securities issued with respect to the Offering will are subject to a hold period of...

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