Completion of Initial Public Offering and Listing on the CSE
Not for distribution to United States newswire services or for dissemination in the United States.
FORZA LITHIUM CORP.
9285 – 203B Street Langley, British Columbia V1M 2L9
NEWS RELEASE
COMPLETION OF INITIAL PUBLIC OFFERING AND LISTING ON THE CSE
VANCOUVER, BRITISH COLUMBIA, June 27, 2023 – FORZA LITHIUM CORP. (the “Company”) (CSE: “FZ”) is pleased to announce that it has completed its Initial Public Offering (the “IPO”) of 5,000,000 common shares (the “Shares”) at a price of $0.10 per Share for gross proceeds of $500,000. Leede Jones Gable Inc. (the “Agent”) also elected to exercise its over-allotment option (the “Over Allotment Option”) in full in connection with the IPO. Pursuant to the Agent’s exercise of the Over Allotment Option, the Company has issued an additional 750,000 Shares at a price of $0.10 per Share for gross proceeds of $75,000.
The Agent has been paid a cash commission equal to 9.0% of the gross proceeds from the sale of the Common Shares pursuant to the IPO and its exercise of the Over Allotment Option, together with a cash corporate finance fee. Additionally, the Company has granted compensation options to the Agent entitling the Agent to purchase up to 517,500 Shares at an exercise price of $0.10 per Share, exercisable on or before June 27, 2025.
The Company has also issued 400,000 common shares to Gravel Ridge Resources, Ltd., a private company controlled by Michael Frymire, and 1544230 Ontario Inc, a private company controlled by Perry English (collectively, the “Optionors”) pursuant to the Jeanette Property option agreement dated March 23, 2022, as amended January 9, 2023, made between the Company and the Optionors.
The Company currently has 18,275,000 Shares issued and outstanding.
The Company’s Shares are listed on the Canadian Securities Exchange (“CSE”) and will begin trading on the CSE under the symbol “FZ” on June 28, 2023.
About the Company
The Company is engaged in acquisition, exploration and development of mineral property assets in Canada. The Company’s objective is to locate and develop properties with a focus on critical minerals in the emerging EV lithium battery industry and to conduct its exploration program on the Jeanette Property. The Jeanette Property is located approximately 84 km northeast of the town of Ear Falls, Ontario, and 105 kilometers east of the mining community of Red Lake, Ontario.
For more information, please refer to the Company’s Prospectus dated April 26, 2023, available on SEDAR (www.sedar.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Satvir S. Dhillon
President and Chief Executive Officer
The offered 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 applicable state securities laws and may not be offered or sold in the United States or to “U.S. persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent such registration or an applicable exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the offered securities in any jurisdiction.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.