E3 Lithium Announces $20.0 Million Bought Deal Public Offering
LEGAL\65934894\3
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
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E3 Lithium Announces $20.0 Million
Bought Deal Public Offering
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
CALGARY, ALBERTA, September 18, 2023 – E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3)
(OTCQX: EEMMF), “E3 Lithium” or the “Company”, Alberta’s leading lithium developer and
extraction technology innovator, today announced that it has entered into an agreement with Eight
Capital to act as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters
(collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase
for resale 5,640,000 common shares of the Company (each, an “ Offered Share”) at a price of
C$3.55 per Offered Share (the “Offering Price”) on a “bought deal” basis for gross proceeds of
C$20,022,000 (the “Base Offering”).
The Company has granted to the Underwriters an option (the “ Over-Allotment Option”, and
together with the Base Offering, the “ Offering”), exercisable for a period of 30 days after and
including the closing date of the Offering, to purchase for resale up to an additional 15% of Offered
Shares at the Offering Price to cover over-allotments, if any, and for market stabilization purposes.
The net proceeds from the Offering will be used towards the advancement of the Clearwater
Project and corporate development activities.
The Offered Shares will be sold by way of a prospectus supplement to be filed in all of the
provinces of Canada, other than Québec, to supplement the Company’s short form base shelf
prospectus dated April 18, 2022. The Offered Shares may also be sold in the United States on a
private placement basis pursuant to one or more exemptions from the registration requirements
of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and in such
other jurisdictions outside of Canada and the United States, in each case in accordance with all
applicable laws provided that no prospectus, registration statement or similar document is
required to be filed in such jurisdiction.
The Offering is scheduled to close on or about September 26, 2023 and is subject to certain
conditions including, but not limited to, the receipt of all necessary approvals, including the
approval of the TSX Venture Exchange.
The Offered Shares have not been and will not be registered under the U.S. Securities Act and
may not be offered or sold in the United States absent registration or an applicable exemption
from the registration requirements under the U.S. Securities Act and applicable states securities
laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful.
LEGAL\65934894\3
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
e
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
E3 Lithium - Investor and Media Relations
Greg Foofat
Manager, Investor Relations
587-324-2775
About E3 Lithium
E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate
equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources1
in Alberta. As outlined in E3’s Preliminary Economic Assessment, the Clearwater Lithium Project
has an NPV8% of USD 1.1 Billion with a 32% IRR pre -tax and USD 820 Million with a 27% IRR
after-tax1. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the
growing electrical revolution. With a significant lithium resource and innovative technology
solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions
in the world.
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43 -101 technical report is
amended Sept 17, 2021. Gordon MacMillan, P .Geol, QP , Fluid Domains Inc. and Grahame Binks, MAusIMM, QP
(Metallurgy), formerly of Sedgman Canada Limited (Report Date: June 15, 2018, Effective Date: June 4, 2018 Amended
Date: September 17, 2021). The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective
October 27, 2017, identified 0.9Mt LCE (inferred). The mineral resou rce NI 43-101 Technical Report for the Bashaw
District Project, effective March 21, 2023, identified 16.0Mt LCE (measured & indicated). All reports are available on
the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).
Forward-Looking and Cautionary Statements
This news release includes certain forward -looking statements as well as management’s
objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified
by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words
referring to future events and results. In particular, this news release contains forward -looking
information pertaining to the Offering and the proposed use of proceeds therefrom. Forward-
looking statements are based on the current opinions and exp ectations of management. All
forward-looking information is inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral exploration and development,
fluctuating commodity prices, the ef fectiveness and feasibility of emerging lithium extraction
technologies which have not yet been tested or proven on a commercial scale or on the
Company’s brine, competitive risks and the availability of financing, as described in more detail in
our recent securities filings available at www.sedarplus.ca. Factors that could cause actual results
to differ materially from such forward-looking information include, but are not limited to, changes
in the state of equity and debt markets, delays in obtaining required regulatory approvals, failure
to satisfy closing conditions in respect of the Offering and other risks and uncertainties involved
LEGAL\65934894\3
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
e
in the mineral exploration and development industry. Forward -looking information in this news
release is based on the opinions and assumptions of management considered reasonable as of
the date hereof, including, but not limited to, the assumption that all conditions precedent to the
completion of the Offering (including the receipt of all requisite regulatory approvals) will be
satisfied in a timely manner; and general business and economic conditions will not change in a
materially adverse manner. Actual events or results may differ materially from those projected in
the forward -looking statements and we caution against placing undue reliance thereon. We
assume no obligation to revise or update these forward-looking statements except as required by
applicable law.
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 this release.