Mr. Patrick Morris reports
POWR LITHIUM ANNOUNCES INTENTION TO COMPLETE PRIVATE PLACEMENT
Powr Lithium Corp. intends to complete a non-brokered private placement consisting of up to 10 million units of the company at a price of 20 cents per unit for gross proceeds of up to $2-million. There is no minimum number of units or minimum gross proceeds required to close the private placement.
Each unit shall consist of one common share and one-half of one share purchase warrant. Each whole warrant shall entitle the holder thereof to purchase one additional share at a price of 40 cents for a period of 24 months from the date of issue.
The closing of the private placement is expected to occur on or about Sept. 8, 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 gross proceeds of the private placement are expected to be used approximately as shown in the attached table (assuming the maximum amount of the private placement).
Use of proceeds Amount
Costs of the private placement $140,000
Exploration and technical work $600,000
Marketing and investor relations $600,000
General working capital $660,000
There may be circumstances where, for sound business reasons, a reallocation of the funds may be necessary.
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.
There is no material fact or material change about the company that has not been generally disclosed.
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.
Powr Lithium advises the public that as part of its disclosure obligations as a public issuer, all material and regulatory filings can be found on SEDAR. It also invites the public to visit its website and to sign up to its news alerts to be advised of future news releases and related company information. Please also ensure you watch the company's video which is now available on the website.
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