TORONTO, Aug. 16, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or together with its subsidiaries, the "Company") (TSXV:LSC) is pleased to announce that it will complete its previously announced private placement of common shares (the "Common Shares") at an offering price of CAD$1.10 or USD$0.87 per Common Share (the "Offering"). In the aggregate, the Offering is expected to consist of the issuance and sale of up to 18,181,818 Common Shares for gross proceeds of up to CAD$20 million. The funds raised in the Offering will allow LSC to further pursue the promising exploration results to date by the implementation of an accelerated and expanded exploration program for 2017.
The Corporation anticipates that the Offering will close in two or three tranches, the first of which is expected to be completed on or about Friday, August 18, 2017, the second tranche is expected to be completed on or about Friday, August 25, 2017, and the third tranche is to be completed at a later date to be agreed upon by GMP Securities L.P. ("GMP") and the Company. The first and second tranches of the Offering will be non-brokered and the third tranche will be completed on a "commercially reasonable best efforts" basis, with GMP acting as lead agent.
In connection with the Offering, one or more finders or financial advisors of the Company will receive a cash fee of 6% of the gross proceeds of the Offering and that number of Common Share purchase warrants (the "Warrants") equal to 6% of the common shares issued pursuant to the Offering. The Warrants will each entitle the holder thereof to purchase one Common Share at an exercise price of CAD$1.10 for a period of 24 months following the closing of the applicable tranche of the Offering.
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 regarding the Offering and its completion. 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, including risks related to completion of the Offering. 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.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press 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.
SOURCE LSC Lithium Corporation
For further information: LSC Lithium Corporation, Jessica Helm, VP, Corporate Communications and Investor Relations, Suite 3001, 1 Adelaide Street East, Toronto, Ontario M5C 2V9, (416) 867 9298, Email: email@example.com, Web: lsclithium.com