Mr. Steve Cochrane reports
LITHIUM CHILE ANNOUNCES PROPOSED PRIVATE PLACEMENT AND APPOINTMENT OF VICE PRESIDENT, CORPORATE DEVELOPMENT
Lithium Chile Inc. has arranged a non-brokered private placement of up to 7.5 million units of the company at a price of 70 cents per unit, for aggregate gross proceeds of up to $5.25-million, after receiving unsolicited interest from an institutional investor. Each unit will comprise one common share of the company and one common share purchase warrant. Each warrant shall be exercisable at 85 cents per common share for a period of 24 months from the date of closing of the offering. The offering is expected to be purchased by one institutional investor. The proceeds of the offering will be used for working capital and to pay the expenses of the offering.
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 the closing of the offering.
Addition of vice-president, corporate development
is pleased to announce that Michelle DeCecco has joined the company as vice-president, corporate development.
Ms. DeCecco brings deep capital markets, investor relations and corporate development experience to Lithium Chile, with over 20 years of experience in the public sector. Throughout her career, Ms. DeCecco has been responsible for developing and executing overall corporate strategy including acquisitions, joint ventures, strategic partnerships, with a strong focus on shareholder communications. Ms. DeCecco holds a master of business administration from the University of Fredericton, receiving honours in both accounting and finance.
"We are extremely pleased to have Michelle join the Lithium Chile team, bringing her passion and experience in corporate development, public markets and investor relations to the company. The addition of Ms. DeCecco will support our continued focus in unlocking potential value from our core assets while continuing to execute our exploration plan. Her support will be an invaluable addition to the Lithium Chile team."
In connection with her hiring on Dec. 15, 2021, Ms. DeCecco received an option to purchase 300,000 shares of the company's common stock, with an exercise price of 74 cents per share, which is equal to the closing price on the grant date.
About Lithium Chile Inc.
Lithium Chile is advancing a lithium property portfolio consisting of 68,800 hectares covering sections of 10 salars and two laguna complexes in Chile and 23,300 hectares in Argentina.
Lithium Chile also owns five properties, totalling 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 mega porphyry gold/silver/copper belt.
Lithium Chile's common shares are listed on the TSX-V under the symbol LITH and on the OTC-BB under the symbol LTMCF.
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