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Lithoquest Announces Increase in Previously Announced Non-Brokered Private Placement to up to $1.5 Million
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[{"type":"text","content":"Lithoquest Announces Increase in Previously Announced Non-Brokered Private Placement to up to $1.5 MillionNot for distribution to the United States news wire services or for dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / June 9, 2021 / Lithoquest Resources Inc. (TSXV:LDI) (\"Lithoquest\", or the \"Company\") today announced that due to significant demand, it has increased the size of the previously announced non-brokered private placement (the \"Offering\") to sell up to 10,000,000 units of the Company (the \"Units\") at a price of $0.10 per unit and up to 4,000,000 flow-through shares of the Company (the \"FT Shares\") at a price of $0.125 per FT Share for gross proceeds of up to $1,500,000.Each Unit will consist of one common share of the Company and one-half warrant (a \"Warrant\") each whole Warrant entitling the holder thereof to acquire an additional common share (the \"Warrant Share\") of the Company at an exercise price of $0.15 per Warrant Share for a period of 24 months from the date of issuance.The Offering is being conducted pursuant to available prospectus exemptions including sales to accredited investors, family members, close friends and business associates of directors and officers of the Company, to purchasers who have obtained suitability advice from a registered investment dealer pursuant to the exemption set out in BC Instrument 45-536 (the \"Investment Dealer Exemption\") and to existing shareholders of the Company pursuant to the exemption set out in British Columbia Securities Commission BC Instrument 45-534 (the \"Existing Shareholder Exemption\").The Offering is not subject to a minimum amount. The Company intends to use the gross proceeds from the Offering to advance its gold and base metal properties in northern Ontario and for general working capital purposes. The Offering is scheduled to close on or around June 18th and is subject to receipt of all necessary approvals of the TSX Venture Exchange.The Existing Shareholder Exemption is available to shareholders residing in all Canadian jurisdictions. Shareholders of record of the Company as at May 28, 2021 (the \"Record Date\") are eligible to participate under the Existing Shareholder Exemption. To rely upon the Existing Shareholder Exemption, the subscriber must: a) have been a shareholder of the Company on the Record Date and continu...