Thunder Bay, Ontario--(Newsfile Corp. - September 25, 2026) - Vinland Lithium Inc. (TSXV: VLD) ("Vinland" or the "Company") further to its July 30, 2026, August 31, 2026, and September 17, 2026 news releases, the Company is pleased to announce that it has closed a first tranche of its $0.48 flow-through unit ("FT Unit") private placement financing (the "Financing").
The Company has issued 290,250 FT Unit consists of one flow-through common share (the "FT Shares") and one non-flow through common share purchase warrant (the "Warrants"), each Warrant entitling the holder to purchase one additional non-flow through common share of the Company at an exercise price of $0.70 per common share for a period of 24 months from the date of issue, for aggregate gross proceeds of $139,320.
The FT Shares entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
In connection with this first tranche closing, the company has paid cash finders' fees totalling $2,368.80 and issued 3,135 non-transferable broker warrants, such warrants being exercisable at $0.70 for 2 years to Haywood Securities, StephenAvenue Securities, and 6132971 Canada Inc.
All securities issued pursuant to the private placement will be subject to a four-month hold period. The private placement is subject to approval by the TSX Venture Exchange.
The Financing was effected with three insiders of the Company subscribing for $47,040 -98,000 FT Units - that portion of the Financing a "related party transaction" as such term is defined under Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61-101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the FT Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.