Mr. Steven Cochrane reports
LITHIUM CHILE FURTHER UPSIZES ITS PREVIOUSLY ANNOUNCED $0.60 UNIT FINANCING
Lithium Chile Inc. has closed its subscription books, and due to strong investor demand for its recently announced non-brokered private placement of units
of the company at a price of 60 cents per unit,
it has additionally increased the maximum size of the offering from 5,416,000 units for aggregate gross proceeds of $3,249,600 to 6.9 million units for gross proceeds of $4.14-million.
Each unit comprises one common share of the company and one common share purchase warrant. Each warrant shall be exercisable at 75 cents per common share for a period of 24 months from the date of closing of the offering. Lithium Chile may pay a cash commission or finder's fee to qualified non-related parties of up to 5 per cent of the gross proceeds of the offering.
The proceeds of the upsized offering will be used for working capital and to pay the expenses of the offering.
Unless the company determines to further increase the gross proceeds of the offering, if subscriptions received for the offering based on all available exemptions exceed the maximum offering amount of
$4.14-million, units will be allocated on a first-come-first-served basis.
The company confirms that
there is no material fact or material change about the company that has not been generally disclosed.
The completion of the offering is subject to regulatory approval, including, but not limited to, the approval of the TSX Venture Exchange. The common shares and warrants issued under the offering will be subject to a four-month hold period from the date of closing of the offering.
About Lithium Chile Inc.
Lithium Chile is advancing a lithium property portfolio consisting of 68,000 hectares covering sections on 10 salars and two laguna complexes in Chile and one property of 23,300 hectares in Argentina.
Lithium Chile also owns five properties, totaling 22,429 hectares, that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile's Carmona gold/silver/copper property, which lies in the heart of the Chilean megaporphyry gold/silver/copper belt.
We seek Safe Harbor.
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