An anonymous director reports
LITHIUM CHILE UPSIZES ITS PREVIOUSLY ANNOUNCED $0.70 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 70 cents per unit,
it has additionally increased the maximum size of the offering from up to 7.5 million units for aggregate gross proceeds of up to $5.25-million to up to 10.06 million units for gross proceeds of up to $7,042,000.
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. Further to the company's news release of Dec. 20, 2021, the one institutional investor that was expected to purchase the offering was unable to complete its subscription within the deadlines set by Lithium Chile so the company has terminated that potential subscription. The offering is now expected to be purchased by several subscribers, including a strategic Asian investor that is anticipated to purchase up to $3-million 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.
About Lithium Chile Inc.
Lithium Chile is advancing a lithium property portfolio consisting of 69,200 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 20,429 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.
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