Eureka Lithium Announces Date for Completing Second Tranche of Private Placement
Eureka Lithium Announces Date for Completing Second Tranche of
Private Placement
Vancouver, British Columbia, June 16 th, 2023 – Eureka Lithium Corp. (CSE: ERKA) (“Eureka”
or the “Company”) is pleased to announce that it intends to close the second tranche of its non-
brokered private placement on or about June 23, 2023.
Eureka will now issue units of the Company - in place of subscription receipts (please see news
release dated June 1, 2023) - on similar terms to the first tranche o f the private placement. On
June 1, the Company announced the closing of $5,185,200 under the first tranche; the Company
expects to raise another approximately $1.71 million under the second tranche.
The Second Tranche
The Company expects to issue the following, for aggregate gross proceeds of up to approximately
$1.71 million (the “Second Tranche”):
1) non-flow-through units of the Company (the “Non-FT Units”) at a price of $0.50 per Non-
FT Unit for gross proceeds of approximately $1.24 million, with eac h Non -FT Unit
comprised of one common share in the capital of the Company and one -half of one
common share purchase warrant (each whole common share purchase warrant, a “Non-
FT Warrant”), with each Non -FT Warrant entitling the holder to purchase one common
share (a “Non-FT Warrant Share”) at a price of $0.75 per Non -FT Warrant Share for a
period of two years after the date of issuance;
2) flow-through units of the Company (the “ FT Units”) at a price of $0.60 per FT Unit for
gross proceeds of approximately $18,000, with each FT Unit comprised of one common
share that qualifies as a “flow-through share” as defined in the Income Tax Act (Canada)
and one-half of one flow-through common share purchase warrant that qualifies as a “flow-
through share” as defined in t he Income Tax Act (Canada) (each whole flow -through
common share purchase warrant, a “ FT Warrant”), with each FT Warrant entitling the
holder to purchase one common share in the capital of the Company (a “ FT Warrant
Share”) at a price of $0.85 per FT Warrant Share for a period of two years after the date
of issuance; and,
3) Quebec super-flow-through units of the Company (the “ Super FT Units ”, and together
with the Non-FT Units and FT Units, the “Units”) at a price of $0.65 per Super FT Unit for
gross proceeds of approximately $455,000, with each Super FT Unit comprised of one
common share that qualifies as a “flow -through share” as defined in the Income Tax Act
(Canada) and one-half of one flow-through common share purchase warrant that qualifies
as a “flow-through share” as defined in the Income Tax Act (Canada) (each whole flow -
through common share purchase warrant, a “ Super FT Warrant”), with each Super FT
Warrant entitling the holder to purchase one common share in the capital of the Company
(a “Super FT Warrant Share”) at a price of $0.85 per Super FT Warrant Share for a period
of two years after the date of issuance.
The Units, including all underlying sec urities thereof, will have a hold period of four months and
one day from the date of issue. Finder’s fees may be payable to arm’s length parties who introduce
subscribers to the Company, in accordance with the policies of the Canadian Securities Exchange
(the “CSE”).
The net proceeds of the Second Tranche will be used for qualified expenditures in respect of the
mineral claims acquired pursuant to the Acquisition, and, in the case of the Non -FT Units, for
general working capital.
About Eureka Lithium Corp.
Eureka Lithium Corp. is the largest lithium -focused landowner in the northern third of Quebec,
known as the Nunavik region, with 100% ownership of three projects comprising 1,408 sq. km in
the emerging Raglan West, Raglan South, and New Leaf Lithium Cam ps. These claims were
acquired from legendary prospector Shawn Ryan and are located in a region that hosts two
operating nickel mines with deep-sea port access.
Contact information
For More Information please contact:
Jeffrey Wilson: Chief Executive Officer
E-mail: [email protected]
Certain statements contained in this news release, including statements which may contain words such as “expects”,
“anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which
are not historical facts, such as statements regarding the closing of the Second Tranche, the continued existence of
substantial investor demand, the use of proceeds from the Second Tranche and the prospective nature of the land -
package purchased through the Acquisition are forward-looking information within the meaning of applicable securities
laws. Such forward -looking statements ref lect management’s expectations and are based on certain factors and
assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance,
or achievements to be materially different from future results, performan ce, or achievements expressed or implied by
such forward-looking statements. These factors should be considered carefully, and readers should not place undue
reliance on the Company’s forward -looking statements. The Company believes that the expectations r eflected in the
forward-looking statements contained in this news release are reasonable, but no assurance can be given that these
expectations will prove to be correct, nor that the Second Tranche will be completed as contemplated, or at all. The
Company undertakes no obligation to release publicly any future revisions to forward -looking statements to reflect
events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as
expressly required by law.
The CSE has not reviewed, approved, or disapproved the contents of this press release.