AFX:CC - Arctic Fox Lithium Corp. Closes First Tranche of Non-Brokered Private Placement of Units
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / March 26, 2024 – Arctic Fox Lithium Corp. (CSE: AFX / FSE: O5K ) (“ ArcticFox ” or the “ Company ” ) ispleased to announce that it has closed the firsttranche of a non-brokered private placement. In connection with thefirst tranche, the Company issued 2,833,333 units (the “ Units ”) at a priceof CDN$0.03 per Unit for aggregate gross proceeds of $85,000. EachUnit consists of one common share in the capital of the Company andone common share purchase warrant (each, a “ Warrant ”), witheach Warrant entitling the holder thereof to purchase one common shareof the Company at a price of CDN$0.06 for up to 24 months.
It is anticipated that the proceeds from the privateplacement will be used for general working capital purposes.
All securities issued pursuant to the private placementare subject to a four-month and one-day hold period.
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 rare earth elements. Through targeted exploration andintentional research, Arctic Fox is bringing a trustworthy lens to thedevelopment of sought-after resources frommultiple projects in Canada, focussing on properties in themining-friendly province of Québec.
On behalf of the Board of Directors,
“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.
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 private placement described herein,including but not limited to the anticipated use of proceeds raised inthe private placement; and statements relating to Arctic Fox’soperational goals. Factors that could cause actual results to differmaterially from those in forward looking statements include: continuedavailability of resources required in order to continue exploration onArctic’s Fox’s properties; and general economic, market orbusiness conditions. These statements are based on a number ofassumptions including, among other things: assumptions regardinggeneral business and economic conditions; and Arctic Fox having sufficient resources to be able toconduct anticipated exploration activities on its properties.Investors are cautioned that any such statements are not guarantees offuture performance and actual results or developments may differmaterially from those projected in the forward-looking statements.Arctic Fox does not assume any obligation to update or revise itsforward-looking statements, whether as a result of new information,future events or otherwise, except as required by applicablelaw.
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