LTMCF - Lithium Chile Announces Proposed Private Placement
(TheNewswire)
CALGARY, ALBERTA - TheNewswire- October 25, 2021 -Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) (TSXV:LITH) (OTC:LTMCF) announces that it plans to complete a non-brokered privateplacement of up to 4,166,667 units of the Company (“ Units ”) at a priceof $0.60 per Unit, for aggregate gross proceeds of up to $2,500,000.(the “ Offering ”), after receiving sizeable unsolicited interest frominvestors based in Europe. There is no minimum Offering. Each Unit will be comprised of one (1) common share of theCompany (“ CommonShare ”) and one (1) Common Share purchasewarrant (“ Warrant ”). Each Warrant shall be exercisableat $0.75 per Common Share for a period of 24 months from the date ofclosing of the Offering. Lithium Chile may pay a cash commission orfinder's fee to qualified non-related parties of up to 5% of the grossproceeds of the Offering. The proceeds of theOffering will be used for working capital and to pay the expenses ofthe Offering.
The Offering is being offered to all of the existingshareholders of the Company who are permitted to subscribe pursuant tothe Existing Shareholder Exemption. The Company anticipates that theOffering will close on or around November 5, 2021. Any existingshareholders interested in participating in the Offering shouldcontact the Company pursuant to the contact information set forthbelow.
The Company has set October 20, 2021 as the record datefor determining existing shareholders entitled to subscribe for Unitspursuant to the Existing Shareholder Exemption. Subscribers purchasingUnits under the Existing Shareholder Exemption will need to representin writing that they meet certain requirements of the ExistingShareholder Exemption, including that they were, on or before therecord date, a shareholder of the Company and continue to be ashareholder as at the closing date. The aggregate acquisition cost toa subscriber under the Existing Shareholder Exemption cannot exceed$15,000 in a 12-month period unless that subscriber has obtainedadvice regarding the suitability of the investment and, if thesubscriber is resident in a jurisdiction of Canada, that advice hasbeen obtained from a person that is registered as an investment dealerin the jurisdiction.
As the Company is also relying on the Exemption forSales to Purchasers Advised by Investment Dealers, it confirms thatthere is no material fact or material change about the Company whichhas not been generally disclosed. In addition to offering the Unitspursuant to the Existing Shareholder Exemption and the Exemption forSales to Purchasers Advised by Investment Dealers, the Units are alsobeing offered pursuant to other available prospectus exemptions,including sales to accredited investors. Unless the Company determinesto increase the gross proceeds of the Offering, if subscriptionsreceived for the Offering based on all available exemptions exceed themaximum Offering amount of $2,500,000 , Units will be allocated ona first come, first served basis.
Completion of the Offering is subject to regulatoryapproval including, but not limited to, the approval of the TSXVenture Exchange. The Common Shares and Warrants issued under theOffering will be subject to a four month hold period from the date ofthe closing of the Offering.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolioconsisting of 68,800 hectares covering sections of 10 salars and twolaguna complexes in Chile and 23,300 hectares in Argentina.
Lithium Chile also owns 5 properties, totaling 22429hectares, that are prospective for gold, silver and copper.Exploration efforts are continuing on Lithium Chile’s Carmonagold/silver/copper property which lies in the heart of the Chileanmega porphyry gold/ silver/copper belt.
Lithium Chile’s common shares are listed on the TSX-Vunder the symbol “ LITH ” and on the OTC-BB under the symbol“ LTMCF ”.
To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email: steve@lithiumchile.ca oralternately, Jose de Castro Alem, Argentina Manager via email jdecastroalem@gmail.com
NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM ISDEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release does not constitute an offer to sellor the solicitation of an offer to buy any securities in the UnitedStates. Any securities referred to herein have not been and will notbe registered under the United States Securities Act of 1933 (the" 1933 Act ") and may not be offered or sold in the United Statesor to or for the account or benefit of a U.S. person in the absence ofsuch registration or an exemption from the registration requirementsof the 1933 Act and applicable U.S. state securities laws.
Forward Looking Statements
This news release may contain certain forward-lookinginformation and forward-looking statements within the meaning ofapplicable securities legislation (collectively "forward-lookingstatements"). Generally, forward-looking statements can beidentified by the use of forward-looking terminology such as"expects", "anticipates", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur. In particular, this news releasecontains forward-looking statements relating to, among other things:the closing of the Offering; the use of proceeds from the Offering;and the Company's ability to obtain necessary approvals from the TSXVenture Exchange. Such forward-looking statements are based onvarious assumptions and factors that may prove to be incorrect,including, but not limited to, factors and assumptions with respectto: the general stability of the economic and political environment inwhich the Company operates; the timely receipt of required regulatoryapprovals; the ability of the Company to obtain future financing onacceptable terms; currency, exchange and interest rates; operatingcosts; the success the Company will have in exploring its prospectsand the results from such prospects. You are cautioned that theforegoing list of material factors and assumptions is not exhaustive.Although the Company believes that the assumptions and factors onwhich such forward-looking statements are based are reasonable, unduereliance should not be placed on the forward-looking statementsbecause the Company can give no assurance that they will prove to becorrect or that any of the events anticipated by such forward-lookingstatements will transpire or occur, or if any of them do so, whatbenefits the Company will derive there from. Actual results coulddiffer materially from those currently anticipated due to a number offactors and risks including, but not limited to: fluctuations inmarket conditions, including in securities markets; economic factors;the risk that the Offering will not be completed as anticipated or atall, including the risk that the Company will not receive theapprovals necessary in connection with the Offering; and the impact ofgeneral economic conditions and the COVID-19 pandemic. The Companydoes not undertake to update any forward-looking statements herein,except as required by applicable securities laws. All forward-lookingstatements contained in this news release are expressly qualified bythis cautionary statement.
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