/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VAL-D'OR, QC, Jan. 5, 2021 /CNW/ - Vision Lithium Inc.
(TSXV: VLI) (OTC PINK: ABEPF) (the "Company" or "Vision
Lithium") is pleased to announce the completion of the second
and final tranche of its non-brokered private placement previously
announced on November 18, 2020 and
December 17, 2020 (the
"Offering"). The second and final tranche consisted of: (i)
40,250,000 units of Company (the "Units") at a price of
$0.02 per Unit; and (ii) 400,000
common shares of the Company issued as "flow-through shares"
(within the meaning of subsection 66(15) of the Income Tax
Act (Canada) and section 359.1
of the Taxation Act (Quebec)) (the "Flow-Through Shares") at
a price of $0.05 per Flow-Through
Share, for additional aggregate gross proceeds of $825,000. The aggregate gross proceeds of the
Offering, including proceeds from the first tranche completed on
December 23, 2020, are $1,608,000. 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 date of issuance.
In connection with the second and final tranche, finder's fees
totalling $35,000 were paid to third
parties dealing at arm's length with the Company.
The Company intends to use the net proceeds for exploration of
certain of its properties and for general corporate and working
capital purposes.
A senior officer and director of the Company (the "Related
Party") participated in the final tranche by subscribing for an
aggregate of 5,250,000 Units at an aggregate subscription price of
$105,000. The participation of the
Related Party 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 Party, nor the amount of consideration paid therefor,
exceeded 25% of the Company's market capitalization.
A material change report in respect of the related party
transaction was not filed at least 21 days in advance of the
closing, as the subscription from the Related Party was not
confirmed until shortly before the closing and the Company wished
to close on an expedited basis for sound business reasons.
All securities issued under the second and final 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; the tax treatment of
the Flow-Through Shares; 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.