Advantage Lithium Corp. (TSX-VENTURE:AAL) is pleased to announce that further to the Company’s news release of September 6th 2016, the Company has completed its non-brokered private placement financing by issuing 8,456,900 units of the Company, at a price of $0.60 per unit to raise gross proceeds of $5,074,140. Each unit comprised one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share for a term of two years from the closing date at a price of $0.75 per share. All securities issued have a hold period expiring four months after issue.
The net proceeds from this financing will be used for working capital to allow the Company to fund anticipated corporate overheads, as well as work program commitments towards earn in obligations, and systematically advancing assets of the Company’s portfolio of ten projects covering approximately 112,286 acres, all in very favorable mining jurisdictions, including:
David Sidoo, President and Director, of Advantage Lithium, commented: “Together with our existing funds, this financing, which was oversubscribed, will enable us to aggressively pursue the advancement of our projects. We have already commenced a drill program at Clayton NE, adjacent to Albemarle in Nevada, where we also have access to water rights. We will now be able to move forward with our advanced lithium project in Argentina as well as our early stage projects in Mexico. In addition, our technical team, led by award-winning geologist, Ross McElroy, is continuing to evaluate additional strategic acquisition opportunities.”
Finder’s fees totaling $200,598 cash and 334,330 finder’s warrants were paid to arm’s length parties. Each finder’s warrant entitles the finder to purchase one common share of the Company, at a price of $0.60 per share, for two years from closing.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Ross McElroy, P.Geol., Technical Advisor to Advantage Lithium Corp., and the Designated Qualified person for the Company.
Further information about the Company can be found at www.advantagelithium.com.
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.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “AAL”. The Company is earning an interest from Nevada Sunrise Gold Corp. in a portfolio of five lithium brine projects in the Clayton and Lida Valley regions of Nevada, USA, together with certificated water rights in the Clayton Valley. The Company has also entered into an LOI agreement to earn an interest from Radius Gold Inc. in four lithium brine projects in the states of Chihuahua and Coahuila, Northwest Mexico. In addition, the Company has entered into an LOI to acquire 100% of the Stella Marys lithium brine project in Argentina’s Lithium Triangle.
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