Mr. Patrick Morris reports
POWR LITHIUM APPLAUDS GOVERNMENT COMMITMENT TO EV SUPPLY CHAIN AND ANNOUNCES INTENTION TO COMPLETE PRIVATE PLACEMENT
AMERICAN AND CANADIAN GOVERNMENTS SEE LITHIUM AS CRITICAL METAL
Powr Lithium Corp. has applauded the American and Canadian governments' recent commitments to the clean energy economy.
The U.S. government recently awarded one of the biggest loans to a U.S. carmaker in more than a decade. Part of the government's $400-billion (U.S.) plan to invest in green technologies, the $9.2-billion (U.S.) loan to Ford Motor Co. is for the construction of three domestic battery factories. Jigar Shah, the director of the Loan Programs Office, described the federal government's battery-lending moves as a way to onshore and reshore manufacturing. The goal of the program is not innovation but to get more of the supply chain to be manufactured in the United States, said Mr. Shah.
Additionally, the Canadian government announced that Canada will provide up to $15-billion ($11.23-billion (U.S.)) in production incentives for a Stellantis-LG Energy Solution (LGES) electric vehicle battery plant, currently under construction in Windsor, Ont. Part of a national push to establish an end-to-end electric vehicle supply chain to strengthen the clean economy, Canada, home to a large mining sector for minerals including lithium, is working to support companies involved in all levels of the electric vehicle supply chain as the world seeks to cut carbon emissions.
Company chief executive officer Patrick Morris noted: "We applaud the U.S. and Canadian government commitments to North American clean energy supply chain. Powr Lithium is excited to be working towards becoming part of this next generation of domestic infrastructure and is looking forward to developing our projects with these strategic goals in mind."
The company is also pleased to announce its intention to close a non-brokered private placement consisting of up to 3.5 million common shares of the company at a price of 10 cents per share for gross proceeds of up to $350,000.
The closing of the private placement is expected to occur on or about July 21, 2023, or any such later date as may be determined by the company. The company may pay finders' fees on a portion of the private placement, as permitted under applicable securities laws and the policies of the Canadian Securities Exchange.
The net proceeds of the private placement will be used to pay outstanding liabilities and for general working capital purposes.
Closing of the private placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All shares issued pursuant to the private placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.
About Powr Lithium Corp.
Powr Lithium is an exploration and development company dedicated to the advancement of North American lithium deposits to support domestic demand. The company holds interests on the Halo and Eli properties in Nevada. The company is also focusing on the development of claystone extraction and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner.
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