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 placement resulted in the issuance of 3.4 million units at $0.05 each, comprising one common share and one purchase warrant per unit. Warrants allow the acquisition of additional shares at $0.10 within 18 months, subject to ownership limits.
Securities from this placement are bound by a four-month hold period and must comply with resale regulations. The funds raised will bolster working capital and facilitate the exploration of hard rock spodumene lithium prospects in Zimbabwe and the Americas, pending regulatory approvals, including from the TSX Venture Exchange.
Company insiders have invested $30,000 in the placement, which is classified as a ‘related party transaction’ under MI 61-101, with the company utilizing applicable exemptions.
Mutare Lithium Project in Zimbabwe
The Mutare Lithium Project, part of the lithium-rich Mutare Greenstone Belt, is under evaluation for expansion through staking or partnerships. The region’s lithium potential is likened to Western Australia’s Pilbara Craton pegmatites.
Zimbabwe’s lithium reserves, among the world’s largest, have attracted significant investment, notably US$1.4 billion from Chinese firms in recent times.
About Li3 Lithium Corp.
Li3 Lithium is strategically expanding its hard rock spodumene lithium assets in Zimbabwe and Argentina, leveraging the founders’ regional expertise. The company is capitalizing on the growing market demand for hard rock lithium, a key component in the global lithium supply.
The forward-looking statements in this release are based on current management expectations and are subject to risks, uncertainties, and changes in circumstances.
Company Website: https://www.lithium3.com
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