/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VAL-D'OR, QC, Dec. 23, 2020
/CNW/ - Vision Lithium Inc. (TSXV: VLI) (OTC PINK: ABEPF) (the
"Company" or "Vision Lithium") is pleased to announce
that it has closed a first tranche (the "First Tranche") of
its non-brokered private placement previously announced on
November 18, 2020 and December 17, 2020 (the "Offering"). The
First Tranche consisted of 39,150,000 units of Company (the
"Units") at a price of $0.02
per Unit for aggregate gross proceeds of $783,000. Each Unit consists of one common share
of the Company (a "Share") and one common share purchase
warrant (a "Warrant"), with each Warrant entitling the
holder thereof to purchase one Share at price of $0.05 per Share for a period of 3 years following
the closing of the First Tranche.
In connection with the First Tranche, finder's fees totalling
$49,175 were paid to third parties
dealing at arm's length with the Company.
The Company intends to use the net proceeds of the First Tranche
for exploration of certain of its properties and for general
corporate and working capital purposes.
Certain senior officers and directors of the Company (each, a
"Related Party") participated in the First Tranche by
subscribing for an aggregate of 2,400,000 Units at an aggregate
subscription price of $48,000. The
participation of each Related Party in the First Tranche is
considered a "related party transaction" under Regulation 61-101
respecting Protection of Minority Security Holders in Special
Transactions (Québec) ("Regulation 61-101") and the
corresponding Policy 5.9 of the TSX Venture Exchange. The Company
relied on Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101,
respectively, for exemptions from the formal valuation and minority
approval requirements under Regulation 61-101, as neither the fair
market value of the Units issued to the Related Parties, nor the
amount of consideration paid therefor, exceeds 25% of the Company's
market capitalization.
A material change report in respect of the related party
transactions was not filed at least 21 days in advance of the
closing of the First Tranche, as the subscriptions from the Related
Parties were not confirmed until shortly before the closing and the
Company wished to close the First Tranche on an expedited basis for
sound business reasons.
All securities issued under the First Tranche are subject to a
hold period of four months and one day from their date of issuance.
The Offering remains subject to the final acceptance of the TSX
Venture Exchange.
The offered securities have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any state in which such offer,
solicitation or sale would be unlawful.
About Vision Lithium Inc.
Vision Lithium Inc. is a junior exploration company focused on
exploring and developing high quality mineral assets including
gold, copper and lithium in safe jurisdictions, primarily in
Canada. The Company is led by
skilled and qualified mineral exploration experts and business
professionals. Vision Lithium is committed to discovering new world
class assets and bringing these assets to production, starting with
the Dôme Lemieux copper-zinc
property in Quebec's Gaspé region,
its polymetallic properties in New
Brunswick, and the Sirmac lithium property located in
Northern Quebec.
For further information on the Company, please visit our website
at www.visionlithium.com or contact us at
info@visionlithium.com.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This
news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation based on
expectations, estimates and projections as at the date of this news
release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking
information. Forward-looking information in this news release
includes, but is not limited to, the use of proceeds; the timing
and ability of the Company, if at all, to obtain final acceptance
of the Offering from the TSX Venture Exchange; objectives, goals or
future plans; and statements regarding exploration plans. Factors
that could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
capital and operating costs varying significantly from estimates;
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals; changes in equity
markets; fluctuations in commodity prices; delays in the
development of projects; other risks involved in the mineral
exploration and development industry; and those risks set out in
the Company's public documents filed on SEDAR at www.sedar.com.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
SOURCE Vision Lithium Inc.