VANCOUVER, BC / ACCESSWIRE / December 16, 2019 / Infinite Lithium Corp. (“ILI” or the “Company”) (TSXV:ILI) (OTCQB:ARXRF) announces that it has arranged a non-brokered private placement of up to 10 million flow-through units (“FT Units”) at a price of $0.08 per Unit for aggregate gross proceeds of $800,000.00 (the “FT Offering”). Each Unit will be comprised of one flow through common share (“FT Share”) and one-half of one transferable non-flow through Share purchase warrant of the Company (“Warrant”). Each full Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.12 per share. Proceeds raised from the FT Offering will be used towards drilling, prospecting and other related activities on the Company’s newly acquired, contiguous properties (collectively named “Eastern Vision”) located in the Red Lake area of Northwestern Ontario.
In conjunction with the flow through financing the Company further announces that it has arranged a non-brokered private placement of up to 10 million units (“Units”) at a price of $0.05 per Unit for aggregate gross proceeds of $500,000.00 (the “Offering”). Each Unit will be comprised of one common share (“Share”) and one-half of one transferable Share purchase warrant of the Company (“Warrant”). Each full Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.10 per share. Proceeds raised from the Offering will be used for general working capital and unallocated funds as per Tier 2 status requirements.
Finders’ fees may be payable on the private placement, subject to the policies of the TSX Venture Exchange.
These offerings are subject to TSX Venture Exchange acceptance.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on advancing the newly acquired Eastern Vision property located in the Red Lake area of Northwestern Ontario.
Please visit our website located at http://www.infinitelithium.com/.
ON BEHALF OF THE BOARD
John Masters, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange 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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Infinite Lithium Corp.
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