/NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES/
TORONTO, Nov. 9, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or the "Company") (TSXV:LSC) is pleased to announce the closing of its previously announced private placement of 4,800,000 units of the Company (the "Units"), at a price of C$1.25 per Unit (the "Offering Price"), representing total gross proceeds of C$6,000,000 (the "Offering"). GMP Securities L.P. (the "Agent") acted as agent in connection with the Offering.
Each Unit consists of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant a "Warrant"). Each Warrant entitles the holder to acquire one Common Share of the Company at a price of C$1.55 for a period of 36 months following the date of closing of the Offering (the "Closing Date"). The Warrants have an acceleration provision such that if, at any time after the first six months following the Closing Date, the volume-weighted average daily trading price of the Common Shares on the TSX Venture Exchange is C$2.25 or more for 10 consecutive trading days, then the Company may, anytime thereafter, accelerate the expiry date of the Warrants to the date that is 20 days following the date the Company provides notice to warrant holders of the new expiry date.
The net proceeds of the Offering will allow LSC to further continue its expanded exploration program for 2017 and 2018 on its lithium assets in Argentina.
The Agent received a cash fee equal to 6% of the gross proceeds of the Offering and 288,000 broker's warrants (the "Broker Warrants"), representing 6% of the number of Units sold pursuant to the Offering, as compensation for acting as the broker in connection with the Offering. Each Broker Warrant is exerciseable into one Unit at the Offering Price for a period of 36 months from the Closing Date.
The securities issued pursuant to the Offering (including the underlying securities) are subject to a 4 month hold period under applicable securities laws.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its tenements located in five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes, and Jama. All LSC tenements are located in the "Lithium Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance, including statements as to the following: LSC's intentions regarding the use of proceeds of the Offering, the exercise of Warrants and Broker Warrants, and the trading price of the Common Shares. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on LSC's current belief or assumptions as to the outcome and timing of such future events. Whether actual results and developments will conform with LSC's expectations is subject to a number of risks and uncertainties including factors underlying management's assumptions, such as risks related to the Use of Proceeds of the Offering and the approval of the regulatory authorities; volatility in lithium prices and the market for lithium; exchange rate fluctuations; volatility in LSC's share price; the requirement for significant additional funds for development that may not be available; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory, political or economic developments in Argentina or elsewhere; litigation; title, permit or license disputes related to interests on any of the properties in which the Company holds an interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the Company's properties; risks and hazards associated with the business of development and mining on any of the Company's properties as well as other risks as disclosed in the Company's Filing Statement on SEDAR, dated January 27, 2017. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and LSC is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. For more information see the Company's filing statement on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange Inc. 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.
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 unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
All dollar amounts are in Canadian dollars.
SOURCE LSC Lithium Corporation
For further information: LSC Lithium Corporation, Ian Stalker, President & Chief Executive Officer, Suite 3001, 1 Adelaide Street East, Toronto, Ontario M5C 2V9, (416) 304 9384, Email: [email protected], Web: lsclithium.com