Arctic Fox Lithium Corp. Announces Issuance of Common Shares
Suite #905-1030 West Georgia St., Vancouver, BC Canada V6E 2Y3
Phone (604) 689-2646 Fax (604) 689-1289
November 22, 2023 Trading Symbol: CSE - AFX
FSE - O5K
ARCTIC FOX LITHIUM CORP. ANNOUNCES ISSUANCE OF COMMON SHARES
VANCOUVER, BRITISH COLUMBIA (November 22, 2023) – Arctic Fox Lithium Corp. (CSE: AFX /
FSE: O5K) (“Arctic Fox” or the “Company”) is pleased to announce that, further to the press release of
the Company dated November 13, 2023, it has issued 1,055,833 common shares in the capital of the
Company (“Common Shares”) to certain of its creditors (together, the “ Creditors”) at a price of $0.06
per Common Share in exchange for outstanding amounts payable totaling $63,350.00 owing to the
Creditors. The Creditors include certain related parties of the Company, including Harry Chew, the CEO
and a director of the Company, and certain corporate entities controlled by either Harry Chew or Sonny
Chew, the CFO of the Company (collectively, the “ Related Parties ”). The Related Parties have
received an aggregate of 805,833 Common Shares. Every other Creditor is an arm’s length party.
The Company has also issued an aggregate of 833,333 Common Shares at a price of $0.06 per Common
Share pursuant to a property option agreement, as previously disclosed in the Company’s press release
dated November 13, 2023.
All of the Common Shares described above will be subject to a four month plus one day hold period
pursuant to the policies of the CSE.
The issuance of Common Shares to the Related Parties constitutes a “related party transaction” as such
term is defined by Multilateral Instrument 61 -101 - Protection of Minority Security Holders in Special
Transactions (“MI 61-101”). The Company has relied on the exemption from the MI 61 -101 valuation
and minority approval requirements for related party transactions under sections 5.5(a) and 5.7(1)(a) of
MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor
the fair market value of the consideration for, the issuance of Common Shares to Related Parties,
exceeds 25% of the Company's market capitalization (as determined under MI 61-101).
About Arctic Fox Lithium Corp.
Established in Vancouver, British Columbia, Arctic Fox is a Canadian junior mining exploration
company founded by an experienced management team to assess and grow its portfolio into a leading
company in lithium and copper. Through targeted exploration and intentional research, Arctic Fox is
bringing a trustworthy lens to the development of sought -after resources from multiple projects in
Canada, beginning with properties in the mining-friendly province of Québec.
Suite #905-1030 West Georgia St., Vancouver, BC Canada V6E 2Y3
Phone (604) 689-2646 Fax (604) 689-1289
On behalf of the Board of Directors,
“Harry Chew”
Harry Chew
President & CEO
Arctic Fox Lithium Corp.
For further information:
Harry Chew, President, CEO
Phone: (604) 689-2646
www.arcticfoxlithium.com
Further Information:
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be
unlawful.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng.,
Director of Arctic Fox and Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Forward-Looking Information: This release includes certain statements that may be deemed "forward -looking statements". All statements in this release,
other than statements of historical facts, that address any activities and events or developments that Arctic Fox Lithium Cor p. ("Arctic Fox") expects t o
occur, are forward-looking statements. Although Arctic Fox believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, actual results or developments may differ materially from those forward -looking statements. Forward-looking statements in this press release
include, but are not limited to, statements relating to the future potential of Arctic Fox’s portfolio of properties . Factors that could cause actual results to
differ materially from those in forward looking statements include: uncertainty with respect to the results of future exploration and the ability to conduct any
exploration activities on the properties described in this press release; market prices; disruptions relating to the COVID -19 pandemic; continued
availability of capital and financing ; and general economic, market or business conditions. These statements are based on a number of assumptions
including, among other things: assumptions regarding general business and economic conditions; and Arctic Fox having sufficient resources to be able to
conduct anticipated exploration activities. Investors are cautioned that any such statements are not guarantees of future per formance and actual results or
developments may differ materially from those pr ojected in the forward-looking statements. Arctic Fox does not assume any obligation to update or revise
its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.