Consolidated Lithium Metals Closes Final Tranche of Flow-Through Private Placement Financing
August 10 2023 - 6:30PM
Consolidated Lithium Metals Inc. (TSXV:
CLM | OTCQB:
JORFF | FRA:
Z36) (“
CLM” or the
“
Company“) is pleased to announce that it has
closed its third and final tranche of a previously announced
non-brokered private placement financing of common shares of the
Company issued on a flow-through basis (each, a
“
Flow-Through Share”) at a price of $0.08 per
Flow-Through Share (the “
Offering”) for proceeds
of $1,000,000 (the “
Final Tranche”). In total, an
aggregate of 21,250,000 Flow-Through Shares were issued by the
Company pursuant to the Offering for proceeds of $1.7 million. For
more information about the Offering and the first tranche and
second tranche closings (the “
Prior Tranches”),
please see the Company’s press releases dated May 24, 2023, June
12, 2023, and June 26, 2023, and July 20, 2023, which are available
under the Company’s SEDAR profile at www.sedar.com.
Pursuant to the Final Tranche, CLM issued
12,500,000 Flow-Through Shares at a price of $0.08 per share, each
of which are subject to a statutory four month hold period, which
expires on December 11, 2023. Completion of the Offering (including
the Prior Tranches) is subject to receipt of final approval of the
TSX Venture Exchange (“TSXV”).
In connection with the Final Tranche, CLM paid
finder’s fees of $80,000 in cash and issued 1,000,000
non-transferable finder’s warrants (“Finder’s
Warrants”) to Roche Securities Limited in accordance with
TSXV policies. Each Finder’s Warrant entitles the holder thereof to
acquire one common share of the Company at a price of $0.08 at any
time prior to August 10, 2025. The Company intends to use the
proceeds of the Offering to fund exploration expenses on its
Baillarge lithium mining property. The Company may also use
proceeds to fund exploration expenses at its other lithium mining
properties located in close proximity to the North American Lithium
mine, including its Preissac – La Corne and Vallée projects.
Option Grant
The Company also announces that it has granted
500,000 stock options to a director of the Company pursuant to the
Company’s omnibus incentive plan. The stock options vest in equal
quarterly installments over two years and may be exercised at a
price of $0.08 per option for a period of five years from the date
of grant. This grant of options is subject to the approval of the
TSXV.
About Consolidated Lithium Metals
Inc. Consolidated Lithium Metals Inc. (TSXV:
CLM | OTCQB: JORFF | FRA:
Z36) (formerly known as Jourdan Resources Inc.) is
a Canadian junior mining exploration with projects in Quebec. The
Company’s properties are in Quebec, Canada, primarily in the
spodumene-bearing pegmatites of the La Corne Batholith, around
North American Lithium’s Quebec lithium mine.
For more information:Rene
Bharti, Chief Executive Officer and PresidentEmail
| info@consolidatedlithium.comPhone | (416)
861-5800Website |www.consolidatedlithium.com
Cautionary StatementsThis press
release contains “forward-looking information” within the meaning
of applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements with
respect to the Prior Tranches, the Final Tranche, and the Offering,
including the Company’s intended use of proceeds, receipt of final
approval of the TSXV, and other matters related thereto. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved”.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of CLM to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: receipt
of necessary approvals; general business, economic, competitive,
political and social uncertainties; future mineral prices and
market demand; accidents, labour disputes and shortages and other
risks of the mining industry. Although CLM has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. CLM does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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