LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $3,506,500 through the sale of 3,506,500 units at a price of $1.00 per Unit. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant. Each Warrant entitles the holder to purchase an additional Share at a price of $1.50 per Share for a period of 24 months from the date of issuance.

Paul Matysek, Executive Chairman of LithiumBank comments, “I am very pleased at the conviction and commitment of the Board and senior management to all fully participate in the financing. These proceeds together with over 6 million dollars designated for exploration will be instrumental in advancing Boardwalk and Park Place, our two district scale projects and expediting our upcoming pilot plant testing with G2L.”

All securities issued in connection with the Private Placement are subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Private Placement is subject to final acceptance of the TSX Venture Exchange.

The net proceeds of the Private Placement will be used for administration and working capital and to expedite further advancement of its portfolio of district scale direct brine lithium assets in Western Canada.

Multilateral Instrument 61-101

In addition, the following insiders of the Company participated for an aggregate of $970,000 as follows: Paul Matysek, Executive Chairman and Director purchased 150,000 units, Rob Shewchuk, CEO and Director purchased 100,000 units, Christopher Murray, a director of the Company, purchased 250,000 Units; Gianni Kovacevic, a director of the Company, purchased 250,000 Units; Ekaterina Zotova a director of the Company, purchased 150,000 Units; Steven Piepgrass a director of the Company, purchased 20,000 Units; Kevin Piepgrass, an officer of the Company, purchased 40,000 Units; and Ann Fehr an officer of the Company, purchased 10,000 Units;. Their participation accounted for over 27.66% of the proceeds from the Private Placement. The placement to the Interested Parties constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Notwithstanding the foregoing, the directors of the Company have determined that the Interested Parties’ participation in the Private Placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the Private Placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.

In connection with the Private Placement, the Company paid certain finders, including PI Financial Corp., Red Cloud Securities Inc. and Leede Jones Gable Inc. the following finders’ fees: (i) a cash commission in the aggregate amount of $41,640, being up to 6.0% of the gross proceeds raised under the Private Placement from investors introduced to the Company by such finders; and (ii) 40,290 non-transferable common share purchase warrants of the Company, being equal to 6.0% of the Units sold under the Private Placement from investors introduced to the Company by such finders. Each Finder Warrant is exercisable to acquire one unit of the Company at a price of $1.00 per Finder Unit. Each Finder Unit is comprised of one Share and one-half of one Warrant, with each Warrant entitling the holder thereof to purchase an additional Share at a price of $1.50 per Share for a period of 24 months from the date of issuance. The Finder Warrants issued pursuant to the Private Placement will be subject to a four month hold period from the date of issue.

Conditional Acceptance for Intellectual Property License Agreement

The Company is also pleased to announce following update regarding the previously announced intellectual property license agreement dated September 8, 2023 with G2L Greenview Resources Inc. a subsidiary of Go2Lithium Inc. The Company has received conditional acceptance from the TSXV for the License Agreement. The parties are continuing to work together to secure approval from the TSXV for the issuance of the first 4,000,000 Consideration Shares to G2L pursuant to the License Agreement. The License Agreement and the issuance of the Consideration Shares remain subject to final TSXV approval.

Under the Licensing Agreement, announced September 11, 2023, G2L shall grant to the Company a license in Alberta and Saskatchewan for a full suite of continuous ion exchange technologies in consideration for the issuance of up to 14,000,000 common shares in the capital of the Company dependent upon achieving certain milestones.

About LithiumBank Resources Corp.

LithiumBank Resources Corp. is a publicly traded North American lithium company that is focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada. The Company holds 2,480,196 acres of brown-field lithium brine permits, across 3 districts in Alberta and Saskatchewan. In May 2023, LithiumBank completed an initial robust preliminary economic assessment of its Boardwalk project that targets a 31,350 TPA operation with a pre-tax USD $2.7B NPV and a 21.6% IRR with the potential for a number of near-term enhancements.

About G2L Greenview Resources Inc.

Go2Lithium Inc., the parent company of G2L, was formed in early 2023 as a 50/50 joint venture with Computational Geosciences Inc (CGI), a subsidiary of the Robert Friedland-chaired Ivanhoe Electric Inc. and Clean TeQ Water. Please see Clean TeQ’s case studies for additional information on their suite of water treatment and metal extraction technologies.