Comet Lithium Announces Extension of Term of Warrants
COMET LITHIUM ANNOUNCES EXTENSION
OF TERM OF WARRANTS
ROUYN-NORANDA, QC
,
Aug. 16, 2023
/CNW/ - Comet Lithium Corporation (TSXV: CLIC)
("
Comet Lithium"
or the
"Company"
), announces that it has applied to the TSX Venture Exchange
for a one-year extension of the term of 11,406,670 common share purchase warrants (the
"
Warrants
") that were issued by Comet Lithium as part of a private placement that closed on
August 27, 2021
, which Warrants had an initial expiry date of
August 27, 2023
. As a result of the
consolidation of the common shares of the Company on the basis of one post-consolidation common
share for every seven pre-consolidation shares issued and outstanding as of the close of business
on
February 2, 2023
(the "
Consolidation
"), seven Warrants must now be exercised to purchase
one additional common share of Comet Lithium at an exercise price of
$0.77
(on a post-
Consolidation basis).
Subject to the approval of the TSX Venture Exchange, the term of the Warrants will be extended to
August 27, 2024, for a total term of three (3) years. An aggregate of 310,000 of the Warrants were
exercised. None of the Warrants are held by any director or officer of the Company.
The extension of the term of the Warrants are subject to regulatory approval, including that of the
TSX Venture Exchange.
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. 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, those 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/August2023/16/c5308.html
%SEDAR: 00035962E
For further information:
Comet Lithium Corporation, Sylvain Champagne, Interim CEO & President
147 Québec Avenue Rouyn-Noranda, Québec, J9X 6M8 Email: [email protected], Website:
CometLithium.com; MarketSmart Communications Inc., Adrian Sydenham, Toll-free: 1-877-261-
4466, Email: [email protected]
CO: Comet Lithium Corp.
CNW 21:12e 16-AUG-23