Li3 Lithium Corp. (TSXV: LILI) Completes $170,000 Funding Round
Li3 Lithium Corp. (TSXV: LILI) has announced the successful completion of its $170,000 non-brokered private placement, initially revealed on October 10, 2023. The company issued 3.4 million units at $0.05 each, comprising one common share and one purchase warrant. Warrant holders can acquire additional shares at $0.10 within 18 months, provided their total ownership remains below 10% post-transaction.
Securities from this placement are bound by a four-month hold period and must adhere to securities legislation resale rules. The funds raised will bolster working capital and finance due diligence for potential hard rock spodumene asset acquisitions in Zimbabwe and the Americas. The TSX Venture Exchange’s approval is pending for the placement’s finalization.
Company insiders have invested $30,000, purchasing 600,000 units under the same terms as other investors. This insider participation is classified as a ‘related party transaction’ and is exempt from certain requirements under MI 61-101.
Mutare Lithium Project in Zimbabwe
The Mutare Lithium Project, situated in Zimbabwe’s Mutare Greenstone Belt, is under evaluation by the company for additional prospective land. The region’s lithium-cesium-tantalum pegmatites have been compared to Western Australia’s Pilbara Craton pegmatites. Zimbabwe’s lithium resources are significant, attracting approximately US$1.4 billion in investments from Chinese battery metal companies over the past 18 months.
About Li3 Lithium Corp.
Li3 Lithium is actively pursuing the acquisition and development of spodumene lithium assets in Zimbabwe and Argentina. The company’s expertise in these regions positions it well within the growing market for hard rock lithium deposits, which are increasingly important in the global lithium supply.
This release includes forward-looking statements based on current management expectations. These statements are subject to risks, uncertainties, and changes in circumstances and should not be overly relied upon. The company will update the information as required by law but assumes no obligation to do so otherwise.
Company Website: https://www.lithium3.com
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