TORONTO, Aug. 16, 2017 /CNW/ - LSC Lithium Corporation
("LSC" or together with its subsidiaries, the
"Company") (TSXV:LSC) is pleased to announce that it will
complete its previously announced private placement of common
shares (the "Common Shares") at an offering price of
CAD$1.10 or USD$0.87 per Common Share (the
"Offering"). In the aggregate, the Offering is expected to
consist of the issuance and sale of up to 18,181,818 Common Shares
for gross proceeds of up to CAD$20
million. The funds raised in the Offering will allow LSC to
further pursue the promising exploration results to date by the
implementation of an accelerated and expanded exploration program
for 2017.
The Corporation anticipates that the Offering will close in two
or three tranches, the first of which is expected to be completed
on or about Friday, August 18, 2017,
the second tranche is expected to be completed on or about
Friday, August 25, 2017, and the
third tranche is to be completed at a later date to be agreed upon
by GMP Securities L.P. ("GMP") and the Company. The first
and second tranches of the Offering will be non-brokered and the
third tranche will be completed on a "commercially reasonable best
efforts" basis, with GMP acting as lead agent.
In connection with the Offering, one or more finders or
financial advisors of the Company will receive a cash fee of 6% of
the gross proceeds of the Offering and that number of Common Share
purchase warrants (the "Warrants") equal to 6% of the common
shares issued pursuant to the Offering. The Warrants will each
entitle the holder thereof to purchase one Common Share at an
exercise price of CAD$1.10 for a
period of 24 months following the closing of the applicable tranche
of the Offering.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium
rich salars and is focused on developing its tenements located in
five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes
and Jama. All LSC tenements are located in the "Lithium
Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium
brine deposits are found. LSC Lithium has a land package portfolio
totaling approximately 300,000 hectares, which represents extensive
lithium prospective salar holdings in Argentina.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information. These statements relate to future
events or future performance, including statements regarding the
Offering and its completion. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on LSC's current belief or assumptions as
to the outcome and timing of such future events. Whether actual
results and developments will conform with LSC's expectations is
subject to a number of risks and uncertainties including factors
underlying management's assumptions, including risks related to
completion of the Offering. Actual future results may differ
materially. The forward-looking information contained in this
release is made as of the date hereof and LSC is not obligated to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein. For more information see the
Company's filing statement on SEDAR at
www.sedar.com.
Neither the TSX Venture Exchange Inc. nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this press release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the U.S. Securities Act) or any
state securities laws and may not be offered or sold within
the United States unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
SOURCE LSC Lithium Corporation