LI3 Lithium Corp. Announces Non-Brokered Private Placement
LI3 Lithium Corp. Announces Non-Brokered Private Placement
Toronto, Canada October 21, 2022 – Li3 Lithium Corp. (TSXV LILI) (the " Company") announces a
proposed non-brokered private placement for aggregate gross pro ceeds of up to $2,000,000 comprised of
up to 20,000,000 units at a price of $0.10 per unit (each such unit being comprised of one (1) common share
and one half of one (1/2) warrant) (the "Offering"). Each whole warrant will entitle the holder to purchase
one common share for $0.20 at any time within 2 years after closing. All securities issued pursuant to this
private placement will be subject to a four (4) month hold period. Completion of the Offering is subject to
receipt of all required regulatory and TSX Venture Exchange (“TSXV”) approvals.
Closing is expected to occur on or around November 4, 2022. Th e proceeds of the private placement will
be used for general working capital and to assist in conducting due diligence of potential business
opportunities.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will no t be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons as defined under applicable United States
securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
In Addition, the Company also announces that at the annual and special meeting of its shareholders on June
28, 2022 (the " Meeting"), shareholders approved the Company's stock option plan (the "Stock Option
Plan"), as amended. The Stock Option Plan, as amended, is further described in the Company's information
circular, a copy of which can be found on the Company's SEDAR profile at www.sedar.com.
The Stock Option Plan is a "10% rolling" stock option plan. The maximum aggregate number of common
shares that may be reserved for issuance under the Stock Option Plan at any point in time is 10% of the
outstanding common shares in the capital of the Company at the time of the grant of an option.
On November 24, 2021, the TSX Venture Exchange adopted a new po licy governing security-based
compensation (the "New Policy 4.4"). In accordance with the New P olicy 4.4, a number of amendme nts
have been made to the Stock Option Plan. These changes include amendments allowing option holders to
exercise options on a "cashless exercise" or "net exercise" bas is, as now expressly permitted by the New
Policy 4.4. "Cashless exercise" is a method of exercising stoc k options in which a securities dealer loans
funds to the option holder or sells the same shares as those underlying the option, prior to or in conjunction
with the exercise of options, to allow the option holder to fun d the exercise of some or all of their options.
"Net exercise" is a method of option exercise under which the option holder does not make any payment to
the issuer for the exercise of their options and receives on exercise a number of shares equal to the intrinsic
value (current market price less the exercise price) of the option valued at the current market price. Under
the New Policy 4.4, the current market price must be the 5-day volume weighted average trading price prior
to option exercise. "Net exercise" may not be utilized by persons performing investor relations services.
About Li3 Lithium Corp
Li3 Lithium Corp is a lithium focused exploration and project development company that recently acquired
a 50% interest in Li3 Resources Inc. (“ Li3”). Li3’s corporate plan is to acquire an attractive portfolio of
highly prospective lithium exploration projects worldwide of which the Mutare Lithium Project is the first.
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Li3’s senior management team have successfully executed similar transactions in the past during their 30+
year history in the mining sector.
Zimbabwe – Mutare Lithium Project
The Mutare Lithium Project consists of 1,500 hectares of licenc es within the Mutare Greenstone Belt of
Zimbabwe located close to the eastern border with Mozambique. The area was deemed prospective for
LCT-type pegmatites based on prior target generation work.
Contact Information:
Li3 Lithium Corp
Stephen Dunn, CEO
Tel: 416-361-2827
Email: [email protected]
www.lithium3.com
CAUTIONARY STATEMENT:
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looki ng information" within the meaning of applicable
securities laws. Forward looking information is frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and
other similar words, or statements that certain events or conditions "may" or "will" occur. These statements
are only predictions. Forward-looking information is based on the opinions and estimates of management
at the date the information is provided, and is su bject to a variety of risks and uncertainties and other
factors that could cause actual events or results to d iffer materially from those projected in the forward-
looking information. For a description of the risks and uncertainties facing the Company and its business
and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company
undertakes no obligation to update forward-looki ng information if circumstances or management’s
estimates or opinions should change, unless required by law. The reader is cautioned not to place undue
reliance on forward-looking information.