Lithium Chile Announces Closing of the First Tranche of its Private Placement
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TSX Venture Exchange: “LITH”
CALGARY, Feb. 20, 2018 /CNW/ – Lithium Chile Inc. (“Lithium Chile” or the “Corporation”) is pleased to announce that it has, subject to TSX Venture Exchange Inc. (the “TSXV”) final approval, closed the first tranche of its previously announced non-brokered private placement (the “Private Placement”) of units of the Corporation (“Units”), pursuant to which, Lithium Chile issued an aggregate of 2,812,200 Units for gross proceeds of CDN$2,812,200 (the “First Tranche”). Each Unit is comprised of one (1) common share in the capital of the Corporation (a “Common Share”) and one-half (1/2) of one common share purchase warrant of the Corporation (a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one (1) Common Share at a price of $1.50 per share expiring two (2) years from the date of issuance.
In connection with the closing of the First Tranche, Lithium Chile has paid finders a cash commission of 7% of the proceeds of the First Tranche that resulted from such party’s efforts, subject to compliance with applicable securities laws. The finders have also been granted broker warrants to purchase 7% of the number of Common Shares sold under the First Tranche as a result of such parties efforts, which resulted in Lithium Chile issuing an aggregate 189,854 broker warrants. Each broker warrant entitles the holder to purchase one Common Share at a price of CDN$1.00 for a period of eighteen (18) months from the closing of the First Tranche.
The net proceeds of the First Tranche and the Private Placement will be used by the Corporation for general working capital and to fund continued development and exploration activities on its Lithium properties in Chile.
Pursuant to applicable securities laws, all securities issued pursuant to the First Tranche will be subject to a hold period of four months plus one day following the date of issuance of such securities.
Completion of the First Tranche and the Private Placement is subject to certain conditions, including but not limited to, final approval of TSXV.
Lithium Chile anticipates closing on the remaining Units available under the Private Placement by the end of February 2018.
About Lithium Chile
Lithium Chile Inc. is advancing a Lithium property portfolio consisting of 140,100 hectares covering sections of 13 salars and 1 laguna complex in Chile. The properties include 56 square kilometres on the Salar de Atacama which hosts the world’s highest concentration Lithium brine production and is currently the source of about 30% of the world’s Lithium production. Lithium Chile also owns a significant Copper/Gold/Silver property portfolio consisting of 28,184 hectares over 6 different properties located in Chile. Lithium Chile Inc.’s common shares are listed on the TSX-V under the symbol “LITH”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Lithium Chile Inc.
For further information: To find out more about Lithium Chile Corp, please contact Jeremy Ross, VP Business Development, at (604) 537-7556 or via email: email@example.com.
photo credit: Lithium Chile