Li3 Lithium Completes $170,000 Private Placement

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Toronto, Ontario--(Newsfile Corp. - November 23, 2023) - Li3 Lithium Corp. (TSXV: LILI) ("Li3 Lithium" or the "Company") is pleased to announce that it has completed the non-brokered private placement previously announced on October 10, 2023 (the "Private Placement") for aggregate gross proceeds of $170,000. The Private Placement involved the issuance of 3,400,000 units ("Units") at a price of $0.05 per Unit. Each Unit consists of one (1) common share in the capital stock of the Company (a "Common Share") and one (1) warrant. Each warrant will entitle the holder to purchase one Common Share for $0.10 at any time within eighteen (18) months after closing, as long as the holder, would in the aggregate beneficially own, or exercise control or direction over that number of voting securities of the Corporation which is less than ten percent (10%) of the total issued and outstanding voting securities of the Corporation, immediately after giving effect to such exercise.

All securities issued pursuant to the Private Placement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The net proceeds from the sale of the Units will be used for general working capital purposes and to assist in conducting due diligence related to identifying and evaluating hard rock spodumene assets for potential acquisition in Zimbabwe and the Americas. The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange ("TSXV").

Insiders of the Company acquired directly and indirectly a total of $30,000 worth of Units or 600,000 Units in the Private Placement on the same basis as other participants. The direct and indirect participation in the Private Placement by an insider of the Company constitutes 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 the exemptions from the formal valuation (section 5.5(b)) and minority approval requirements (section 5.7(1)(b)) under MI 61-101.

Mutare Lithium Project, Zimbabwe

The Mutare Lithium Project is located in eastern Zimbabwe's Mutare Greenstone Belt, an emerging lithium district. The Company is evaluating the acquisition of additional prospective ground, either through staking or agreements with potential vendors. The area was deemed prospective for lithium-cesium-tantalum pegmatites based on prior target generation work. Management believes the lithium exploration potential of the MGB is analogous to that of the Pilbara Craton pegmatites in Western Australia.

Zimbabwe, which is estimated to hold Africa's largest lithium resources and the fifth largest globally, is rapidly emerging as an important player within the lithium supply chain. Over the past year and a half, major Chinese battery metals companies have committed approximately US$1.4 billion to acquire and develop lithium projects in Zimbabwe.

About Li3 Lithium Corp.

Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe and Argentina, where the founders have significant experience and relationships. As evidenced by recent market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium given the scarcity, complexity and capex-intensive nature of alternative brine sources.

Contact Information:
Li3 Lithium Corp.
Francois Auclair, P.Geo, M.Sc., CEO and President
Tel: 514-889-5089
Email: [email protected]
www.lithium3.com

CAUTIONARY STATEMENT:

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188490

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).