First Lithium Minerals Announces Closing of First Tranche of LIFE Offering and Private Placement
Toronto, Ontario--(Newsfile Corp. - July 22, 2026) - First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) ("First Lithium" or the "Company") is pleased to announce it has closed the first tranche of its non-brokered private placement (the "Offering") financing as previously announced in its press release dated July 9, 2026 (the "Initial Press Release"). Any words capitalized but undefined herein shall have the meaning ascribed to such capitalized term in the Initial Press Release.
The first tranche closing of the LIFE Offering consisted of the issuance of an aggregate of: (i) 8,865,000 NFT Units at a price of $0.11 per NFT Unit. Each NFT Unit consists of one Common Share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one additional Common Share in the capital of the Company at a price of $0.18 for a period of three (3) years from the closing of the Offering; and (ii) 975,000 FT Units at a price of $0.15 per FT Unit. Each FT Unit is comprised of (A) one (i) Common Share of the Company that qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") (each, a "FT Share"); and (B) one-half of one Warrant.
The Company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions in connection with the distribution of the free trading 8,865,000 NFT Units and 975,000 FT Units under tranche one of the LIFE Offering for proceeds of $1,121,400. The Company paid $89,712 in finder's fees and issued 787,200 finder's warrants (the "Finder's Warrants") in connection with this tranche of the LIFE Offering. Each Finders Warrant will be exercisable for one (1) additional NFT Unit at a price of $0.11 for a period of three (3) years from the closing of the first tranche of the LIFE Offering.
Concurrent with closing of the LIFE Offering, the Company closed a private placement of up to 6,004,982 units ("PP Units") at a price of $0.11 per PP Unit for aggregate gross proceeds of $660,548 (the "Concurrent Private Placement"). Each PP Unit consists of one common share of the Company (each, a "PP Share") and one-half of one common share purchase warrant of the Company (each whole warrant, a "PP Warrant"). Each PP Warrant will be exercisable to acquire an additional Common Share (a "PP Warrant Share") at a price of $0.18 for a period of three years. The PP Shares, PP Warrants and any PP Warrant Shares issued upon exercise of the PP Warrants will be subject to a statutory hold period in Canada ending on the date that is four months plus one day from the closing of the Concurrent Private Placement.
The Company paid $40,843.28 in finder's fees and issued 371,303 Finder's Warrants in connection with the Concurrent Private Placement. Each Finders Warrant will be exercisable for one (1) additional NFT Unit at a price of $0.11 for a period of three (3) years from the closing of the first tranche of the LIFE Offering.
The issuance of 1,363,700 PP Units, in aggregate, to certain insiders of the Company constitutes a "related party transaction" as such term is defined in Multilateral Instrument 61-101 ("MI 61-101"). Pursuant to Sections 5.5(b) and 5.7(1)(a) of MI 61-101, the Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements, respectively, as the Common Shares trade on the CSE and neither the fair market value of the PP Units nor the consideration for such PP Units, insofar as it involves the insiders, exceeds 25 percent of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details and amounts of the related party participation were not finalized until closer to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.