AFX:CC - Arctic Fox Lithium Corp. Announces Issuance of Common Shares
(TheNewswire)
Vancouver, British Columbia - TheNewswire - November 22 , 2023- Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE: O5K ) (“ Arctic Fox ” or the “ Company ” ) is pleasedto announce that, further to the press release of the Company datedNovember 13, 2023, it has issued 1,055,833 common shares in thecapital of the Company (“ Common Shares ”) tocertain of its creditors (together, the “ Creditors ”) at aprice of $0.06 per Common Share in exchange for outstanding amountspayable totaling $63,350.00 owing to the Creditors. The Creditorsinclude certain related parties of the Company, including Harry Chew,the CEO and a director of the Company, and certain corporate entitiescontrolled by either Harry Chew or Sonny Chew, the CFO of the Company(collectively, the “ Related Parties ”). The RelatedParties have received an aggregate of 805,833 Common Shares. Everyother Creditor is an arm’s length party.
The Company has also issued an aggregate of 833,333Common Shares at a price of $0.06 per Common Share pursuant to aproperty option agreement, as previously disclosed in the Company’spress release dated November 13, 2023.
All of the Common Shares described above will besubject to a four month plus one day hold period pursuant to thepolicies of the CSE.
The issuance of Common Shares to the Related Partiesconstitutes a “related party transaction” as such term is definedby Multilateral Instrument 61-101 - Protection of Minority Security Holders inSpecial Transactions (“ MI 61-101 ”). TheCompany has relied on the exemption from the MI 61-101 valuation andminority approval requirements for related party transactions undersections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair marketvalue (as determined under MI 61-101) of the subject matter of, northe fair market value of the consideration for, the issuance of CommonShares to Related Parties, exceeds 25% of the Company's marketcapitalization (as determined under MI 61-101).
About Arctic Fox Lithium Corp.
Established in Vancouver, British Columbia, ArcticFox is a Canadian junior mining exploration company founded by an experienced management team to assess and growits portfolio into a leading company in lithium and copper. Through targeted exploration and intentionalresearch, Arctic Fox is bringing a trustworthy lens to thedevelopment of sought-after resources frommultiple projects in Canada, beginning with properties in themining-friendly province of Québec.On behalf of the Board ofDirectors,
“Harry Chew”
Harry Chew
President & CEO
Arctic Fox Lithium Corp.
For further information :
Harry Chew, President, CEO
Phone: (604) 689-2646
Further Information:
This press release shall not constitute an offer tosell or the solicitation of an offer to buy, nor shall there be anysale of these securities, in any jurisdiction in which such offer,solicitation or sale would be unlawful.
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this pressrelease.
The technical information containedwithin this News Release has been reviewed and approved by Gerald G.Carlson, Ph.D., P.Eng., Director of Arctic Fox and Qualified Person asdefined in National Instrument 43-101 Standards of Disclosure forMineral Projects.
Forward-LookingInformation: This releaseincludes certain statements that may be deemed "forward-lookingstatements". All statements in this release, other thanstatements of historical facts, that address any activities and eventsor developments that Arctic Fox Lithium Corp. (" Arctic Fox ") expects to occur, areforward-looking statements. Although Arctic Fox believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, actual results or developments may differmaterially from those forward-looking statements. Forward-lookingstatements in this press release include, but are not limited to,statements relating to the future potential of Arctic Fox’sportfolio of properties. Factors that could cause actual results todiffer materially from those in forward looking statements include:uncertainty with respect to the results of future exploration and theability to conduct any exploration activities on the propertiesdescribed in this press release; market prices; disruptions relatingto the COVID-19 pandemic; continued availability of capital andfinancing; and general economic, market or business conditions. Thesestatements are based on a number of assumptions including, among otherthings: assumptions regarding general business and economicconditions; and Arctic Fox having sufficient resources to be able toconduct anticipated exploration activities. Investors are cautionedthat any such statements are not guarantees of future performance andactual results or developments may differ materially from thoseprojected in the forward-looking statements. Arctic Fox does notassume any obligation to update or revise its forward-lookingstatements, whether as a result of new information, future events orotherwise, except as required by applicable law.
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