07:56:32 EDT Mon 03 Oct 2022
Enter Symbol
or Name

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Lithium Chile Inc
Symbol LITH
Shares Issued 139,462,359
Close 2022-01-31 C$ 0.95
Recent Sedar Documents

Lithium Chile closes $7.04-million private placement

2022-01-31 12:04 ET - News Release

Mr. Steven Cochrane reports


Lithium Chile Inc. has closed its recently announced non-brokered private placement of units of the company at a price of 70 cents per unit, issuing 10.06 million units for aggregate gross proceeds of $7,042,000. Each unit comprises one common share of the company and one common share purchase warrant. Each warrant is exercisable at 85 cents per common share for a period of 24 months from the date of closing 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.

The company welcomes Chengxin Lithium Group Co. Ltd. as a strategic investor, purchasing $3,000,004 of the recent offering through a wholly owned subsidiary. Chengxin is a listed company in China with a market capitalization of 40 billion yuan ($8-billion (Canadian)) and as of Sept. 30, 2021, its operating income for the first three quarters was 1.86 billion yuan ($371-million (Canadian)). Chengxin primarily engages in new energy materials business, from spodumene mining to basic lithium products manufacturing and sales.

At present, Chengxin commands a total of 70,400 tonnes (t) of lithium product capacity and ranks No.2 in China, with another 60,000-tonne capacity under long-term planning in Indonesia. To secure feedstock supplies, Chengxin owns upstream resource in China and overseas. In China, Chengxin owns a producing mine with raw spodumene throughput of 405,000 t per year and invested in a mine with an inferred resource of 38.44 million t. Overseas, Chengxin invested in a spodumene project with 40 mining claims in Zimbabwe and acquired 50-per-cent stake and operating right of the UT of Argentina SDLA (Sal de Los Angeles) brine project in Salta province. Chengxin pays high attention to resource investment globally and aspires to be a leading new energy material producer in the world.

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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