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Arctic Fox Lithium Corp
Symbol AFX
Shares Issued 66,815,714
Close 2024-08-26 C$ 0.01
Market Cap C$ 668,157
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Arctic Fox closes $63,525 second tranche of placement

2024-08-27 18:33 ET - News Release

Mr. Harry Chew reports

ARCTIC FOX LITHIUM CORP. CLOSES SECOND TRANCHE OF NON-BROKERED FLOW-THROUGH AND NON-FLOW-THROUGH UNITS

Further to the press releases dated July 16, 2024, and July 29, 2024, Arctic Fox Lithium Corp. has closed the second tranche of its non-brokered private placement of flow-through units and non-flow-through units through the issuance of 1.75 million FT units at a price of two cents per FT unit and 1,901,667 NFT units at a price of 1.5 cents per NFT unit for total gross proceeds of $63,525.

The FT units are composed of one common share in the capital of the company and one common share purchase warrant. Each FT warrant will entitle the holder thereof to purchase one additional common share in the capital of the company for a period of 24 months from the closing date at an exercise price of five cents. The company intends to use the proceeds from the sale of the FT units for eligible exploration expenditures.

The NFT units are composed of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company for a period of 24 months from the closing date at an exercise price of five cents. The company intends to use the proceeds from the sale of the NFT units for general working capital.

All securities comprising the FT units and the NFT units are subject to a four-month-and-one-day hold period from the closing date. No finders' fees were paid in connection with the issuance of the units.

About Arctic Fox Lithium Corp.

Arctic Fox is a junior mineral exploration company focused on the acquisition and development of mineral properties containing battery, base and precious metals.

The company's 2,859-hectare Pontax North lithium project is located 12 kilometres south of Allkem Ltd.'s James Bay lithium project (proven plus probable reserves of 37.3 million tonnes of 1.27 per cent lithium oxide and measured and indicated resources of 54.3 Mt of 1.30 per cent Li2O -- National Instrument 43-101 technical report dated Sept. 29, 2023) -- and 12 kilometres north of Stria Lithium Inc.'s Pontax lithium project (non-NI 43-101-conformable inferred resource of 10.1 Mt at 1.04 per cent Li2O -- Stria press release dated Aug. 14, 2023), located in Northern Quebec, approximately 130 kilometres east of James Bay and the Cree Nation's Eastmain community.

The northern portion of Pontax North contains a lithium prospective zone in a similar geological environment to Allkem's project. The Causabiscau suite, which hosts the Cyr lithium deposit, is indeed characterized by the abundance of S-type granitic pegmatite, a lithology known for its Be, Li, Cs, Nb and Ta potential. Beryl (a beryllium silicate mineral) has been reported by Quebec Mern geologists in several outcrops within this zone. The Causabiscau suite appears strongly underexplored despite its recognized lithium potential.

The technical information contained within this news release has been reviewed and approved by Benjamin Mougin, PGeo, MSc, a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.

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