Arctic Fox Lithium Corp. (CSE: AFX / FSE: O5K) has announced that it has closed the first tranche of its non-brokered private placement of units. A total of 5,100,000 Units were issued at a price of $0.015 per Unit for gross proceeds of $76,500.

The Units comprise one common share and one common share purchase warrant. Each Warrant allows the purchase of one additional common share for 24 months from the closing date at an exercise price of $0.05. The proceeds from the sale will be used for general working capital.

Arctic Fox Lithium Corp. insider Harry Chew subscribed for 1,300,000 Units during this private placement. This constitutes a related party transaction under Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority approval requirements, as the fair market value of the transaction did not exceed 25% of the company’s market capitalization.

Securities comprising the Units are subject to a four-month and one-day hold period from the closing date. No finders’ fees were paid in connection with the issuance of the Units.

About Arctic Fox Lithium Corp.

Arctic Fox Lithium Corp. is focused on acquiring and developing mineral properties containing battery, base, and precious metals.

The company’s Pontax North Lithium Project spans 2,859 hectares and is located 12 km south of Allkem Ltd.’s James Bay Lithium Project and 12 km north of Stria Lithium Inc.’s Pontax Lithium Project in northern Québec.

The northern portion of Pontax North contains a lithium prospective zone similar to Allkem’s project. The Causabiscau Suite, which hosts the Cyr lithium deposit, is known for its Be, Li, Cs, Nb, and Ta potential. This suite is underexplored despite its recognized lithium potential.

References to Adjacent Properties

Allkem Ltd. James Bay Lithium: Technical report by G Mining Services dated September 29, 2023.

Stria Lithium Inc. (Pontax Lithium Project): Inferred Resource of 10.1 Mt at 1.04% Li2O, Stria Press Release dated August 14, 2023.

Arctic Fox Lithium Corp. President & CEO Harry Chew can be contacted at (604) 689-2646.

On behalf of the Board of Directors,

“Harry Chew”

Harry Chew, President & CEO
Arctic Fox Lithium Corp.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this press release.

Disclaimer:
The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News