Lithium Ionic Corp. (TSX-V:LTH) is pleased to announce that it has closed its previously announced private placement offering of common shares of the Company pursuant to which the Company issued 15,625,000 Shares at a price of $1.60 per Share for aggregate gross proceeds of $25,000,000. The Offering was led by Clarus Securities Inc., as lead agent, on behalf of a syndicate of agents that included Cormark Securities Inc., PowerOne Capital Markets Ltd. and Jett Capital Advisors, LLC.

The Company intends to use the net proceeds from the Offering for exploration and development work on the Company’s mineral properties and for general corporate working capital purposes.

In connection with the Offering, the Agents received an aggregate cash fee equal to 6.0% of the gross proceeds from the Offering. In addition, the Company issued to the Agents 937,500 non-transferable broker warrants. Each Broker Warrant will entitle the holder thereof to purchase one common share at an exercise price equal to the Offering Price for a period of 24 months following the closing of the Offering.

The Shares issued pursuant to the Offering will be subject to a four-month and one day hold period under applicable securities laws in Canada. The Offering remains subject to final approval of the TSX Venture Exchange.

 

About Lithium Ionic Corp.

Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering ~2,000 hectares located in the prolific Aracuai lithium province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports. Its Itinga and Galvani claims are located in the same district as the lithium-producing CBL mine and development-stage Sigma Lithium Corp.’s large Barreiro and Xuxa lithium deposits.