Bearing Lithium Corp. (TSX-V: BRZ) (OTCQB: BRGRF) (FSE: B6K1) is pleased to announce that is has increased the size of its previously announced non-brokered private placement from a maximum of 8,333,334 units to 8,537,000 Units for total gross proceeds of $1,024,440.
The second tranche of the Private Placement was completed today and Bearing has issued 1,100,000 Units for gross proceeds of $132,000. The first tranche of the Private Placement was completed on January 27, 2020.
Each Unit issued pursuant to the Private Placement consists of one common share and one-half of a common share purchase warrant. Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.18 for 18 months following the date of issuance. The Warrants are subject to an acceleration clause in the event the closing price of the Company’s common shares on the TSX Venture Exchange is greater than $0.30 for 15 consecutive trading days. The Company will give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter.
In connection with the Second Tranche of the Private Placement, the Company has paid an aggregate of $7,920 in cash finders’ fees plus issued a total of 66,000 share purchase warrants to purchase 66,000 common shares to Leede Jones Gable Inc. The Finders’ Warrants will have the same terms as the Warrants forming part of the Units. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance.
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is an 18% interest in the Maricunga Lithium Brine Project in Chile. The Maricunga Project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile. Over US$50 million has been invested in the Maricunga Project to date and all expenditures through to the delivery of a Definitive Feasibility Study have been fully-funded by the earn-in joint-venture partner.
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We acknowledge the [financial] support of the Government of Canada.