Comet Announces First Closing of a Private Placement FOR Proceeds of $1.9 Million
COMET ANNOUNCES FIRST CLOSING OF A
PRIVATE PLACEMENT FOR PROCEEDS OF
$1.9 MILLION
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
ROUYN-NORANDA, QC
,
Dec. 18, 2023
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) ) (FSE:
8QY) ("Comet Lithium" or the "Corporation") is pleased to announce that it has held a first closing of
a non-brokered private placement (the "
Private Placement
") in which it issued 1,673,000 common
shares (the "
Shares
") at a price of
$0.50
per Share, and 1,356,836 "flow-through" common shares
(the "
Flow-Through Shares
") at a price of
$0.85
per Flow-Through Share, for aggregate gross
proceeds to Comet Lithium of
$1,989,810.60
.
Comet Lithium will use the net proceeds from the sales of the Shares for general and administrative
purposes and for exploring the Company's mining properties and will use the net proceeds from the
sales of the Flow-Through Shares for exploring the Company's mining properties the located in the
provinces of Québec, with a focus on its 100%-owned Liberty and Troilus lithium properties.
"We are excited to announce this private placement, and to see a high level of commitment from
quality Canadian and Australian investors. These funds will allow the Corporation to ramp-up
exploration activities at our Liberty and Troilus East properties, and to set the foundational program
of work across our other properties within the portfolio", commented
Vincent Metcalfe
, Executive
Chairman.
A second closing of the Private Placement is expected to be held on or around
December 20, 2023
.
Additional closings of the Private Placement may be held until
January 26, 2024
, subject to a
maximum of an additional 1,327,000 Shares at a price of
$0.50
per Share and a maximum of an
additional 407,869 Flow-Through Shares at a price of
$0.85
per Flow-Through Share, for total
maximum additional gross proceeds of
$1,010,188.65
.
In connection with the first closing of the Private Placement, Comet Lithium paid cash commissions
to Canaccord Genuity Corp. and Argonaut Securities PTY Limited in an aggregate amount of
$38,923.50
, which represents 7% of the gross proceeds raised through such securities dealers.
As a result of the first closing of the Private Placement, there are 23,604,529 common shares of
Comet Lithium issued and outstanding. Under applicable securities legislation, the securities issued in
the Private Placement are subject to a four-month hold period, expiring on
April 16
, 2024for the first
closing.
About Comet Lithium Corporation
Comet Lithium is a dynamic lithium-focused exploration company active in the prolific
James Bay
District of
Quebec
. Comet Lithium's flagship asset is its 100%-owned Liberty Property contiguous to
Winsome Resources' Adina deposit, a growing high-grade discovery. Comet Lithium is advancing
Liberty to first-ever drilling.
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" within the
meaning of applicable Canadian securities legislation. Forward-looking information may include,
among others, statements regarding the future plans, costs, objectives or performance of Comet
Lithium, or the assumptions underlying any of the foregoing. In this news release, words such as
"may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate"
and similar words and the negative form thereof are used to identify forward-looking statements.
Forward-looking statements should not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether, or the times at or by which, such future
performance will be achieved. No assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, including additional closings of the Private
Placement and results of any exploration program on the Company mining properties. Forward-
looking information is based on information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or unknown risks, uncertainties,
assumptions and other unpredictable factors, many of which are beyond Comet Lithium's control.
These risks, uncertainties and assumptions include, but are not limited to the risks, uncertainties and
assumptions described under "Financial Instruments" and "Risk and Uncertainties" in Comet Lithium's
Annual Report for the fiscal year ended
December 31, 2022
, a copy of which is available on
SEDAR+ at
www.sedarplus.ca
, and could cause actual events or results to differ materially from
those projected in any forward-looking statements. Comet Lithium does not intend, nor does it
undertake any obligation, to update or revise any forward-looking information contained in this news
release to reflect subsequent information, events or circumstances or otherwise, except if required
by applicable laws.
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
the release.
SOURCE
Comet Lithium Corp.
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http://www.newswire.ca/en/releases/archive/December2023/18/c4113.html
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For further information:
Comet Lithium Corporation: Vincent Metcalfe, Executive Chairman,
[email protected]; Mansoor Jan, Interim President & CEO, [email protected]; 147
Québec Avenue(back door), Rouyn-Noranda, Québec, J9X 6M8, Email: [email protected],
Website: CometLithium.com
CO: Comet Lithium Corp.
CNW 08:00e 18-DEC-23