Li3 Lithium Corp. Completes $1,605,000 Private Placement
Li3 Lithium Corp. Completes $1,605,000 Private Placement
Toronto, Canada November 4, 2022 – L i 3 L i t h i u m C o r p . ( T S X V LILI) (“ Li3 Lithium ” or the
“Company”) is pleased to announce that it has completed the non-brokere d private placement previously
announced on October 21, 2022 (the “ Private Placement”) for aggregate gross proceeds of $1,605,000.
The Private Placement involved the issuance of 16,050,000 units (“Units”) at a price of $0.10 per Unit.
Each Unit consists of one (1) common share in the capital stock of the Company (a “Common Share”) and
one half of one (1/2) warrant. Each whole warrant will entitle the holder to purchase one Common Share
for $0.20 at any time within two years after closing.
All securities issued pursuant to the Private Placement will be subject to a hold period of four months plus
a day from the date of issuance and the resale rules of applica ble securities legislation. The net proceeds
from the sale of the Units will be used for general working capital purposes and to assist in conducting due
diligence of potential business opportunities. The closing of the Private Placement is subject to certain
conditions including, but not limited to, the receipt of all ne cessary regulatory and other approvals,
including the approval of the TSX Venture Exchange (“TSXV”).
A material change report in connection with the Private Placement will be filed less than 21 days before the
closing of the Private Placement. The Company believes this shorter period is reasonable and necessary in
the circumstances as the Company wished to complete the Private Placement in a timely manner.
About Li3 Lithium Corp.
Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe and
Argentina, where the founders h ave significant experience and r elationships. As evidenced by recent
market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium
given the scarcity, complexity and capex-intensive nature of al ternative brine sources. At present,
spodumene concentrate is at a record high price of US$5,500/tonne and forecast to go higher.
Zimbabwe – Mutare Lithium Project
In April 2022, Li3 Lithium acquired a 50% interest in Li3 Resou rces Inc. (“ Li3 Resources”), a private,
lithium focused exploration company founded and backed by senio r mining executives with prior success
in the lithium industry. Li3 Resources has entered into a bind ing joint-venture agreement (“ JV
Agreement”) to acquire up to a 50% interest in the Mutare Lithium Projec t (the “ Mutare Lithium
Project”) from London AIM-listed Premier African Minerals Limited.
The Mutare Lithium Project consists of 1,500 hectares of licens es within the Mutare Greenstone Belt of
Zimbabwe, located close to the eastern border with Mozambique. The area was deemed prospective for
lithium-cesium-tantalum (LCT) t ype pegmatites based on prior ta rget generation work. Management
believes the lithium exploration potential of the Mutare Greenstone Belt is analogous to that of the Pilbara
Craton pegmatites in Western Australia.
Zimbabwe is estimated to hold Africa's largest lithium reserves but due to a lack of investment has remained
relatively underdeveloped. The M utare Lithium Project is locat ed in a region in Zimbabwe that is now
receiving significant interest. The claim blocks are well locat ed and, in several instances, have attracted
interest from international lithiu m producers, which is expecte d to further expand interest and investment
in the region.
An exploration program has commenced on the Mutare Lithium Proj ect to be executed over three phases
to include resource identification, delineation, and development.
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-looking 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 stat ements that certain events or c onditions “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 inf ormation is provided, and is subj ect to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in the
forward- looking information. For a description of the risks an d uncertainties facing the Company and its
business and affairs, readers should refer to the Company’s Man agement’s Discussion and Analysis. The
Company undertakes no obligation to update forward-looking info rmation 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.