Vision Lithium Inc. (TSX-V: VLI) (OTCQB: ABEPF) (FSE: 1AJ2) is pleased to announce the completion of a non-brokered private placement for aggregate gross proceeds of $3,622,949.78. The Offering consisted of: (i) 15,097,499 flow-though units of the Company at a price of $0.22 per FT Unit; and (ii) 1,675,000 non-flow-through units of the Company at a price of $0.18 per Unit. Each FT Unit consists of one common share of the Company issued as a “flow-through share,” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one-half of one common share purchase warrant with each Warrant entitling the holder thereof to purchase one common share of the Company at price of $0.30 per share for a period of 2 years following the date of issuance. Each Unit consists of one common share of the Company and one-half of one Warrant, with each whole Warrant entitling the holder thereof to purchase one common share of the Company at price of $0.25 per share for a period of 2 years following the date of issuance.
Victor Cantore, Chairman of the Board, commented, “With the closing of this transaction we are well financed to explore our lithium and copper assets in Canada. Both commodities are strategic metals in the global electrification of transportation. Our assets are all located within safe, mining-friendly jurisdictions and we intend to release an updated exploration plan in the coming days.”
In connection with the Offering, the Company paid certain eligible third parties dealing at arm’s length with the Company (the “Finders“): (i) cash commissions totalling $233,554.37, representing 8% of the proceeds raised from subscribers introduced to the Company by such Finders; and (ii) an aggregate of 1,063,429 non-transferable broker warrants representing 8% of the number of FT Units and Units sold to such subscribers, each exercisable to acquire one common share of the Company for 2 years from the date of issuance at the same exercise price of the Warrants comprising the FT Units and Units in respect of which the Broker Warrants were issued.
The Company intends to use the net proceeds of the Offering for exploration of certain of its properties and for general corporate and working capital purposes.
All securities issued under the Offering are subject to a hold period of four months and one day from their date of issuance. The Offering remains subject to the final acceptance of the TSX Venture Exchange.
The offered securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Vision Lithium Inc.
Vision Lithium Inc. is a junior exploration company focused on exploring and developing high quality mineral assets including lithium, copper, gold and base metals in safe jurisdictions, primarily in Canada. The Company is led by skilled and qualified mineral exploration experts and business professionals with a deep understanding of the lithium battery materials market, which is driven by lithium ion batteries. Vision Lithium is committed to discovering new world class assets and bringing these assets to production, starting with its flagship projects the Godslith lithium property located in Manitoba and the Sirmac lithium property and Dôme Lemieux copper-zinc property, both located in Quebec, as well as its polymetallic properties in New Brunswick.
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We acknowledge the [financial] support of the Government of Canada.