Grounded Lithium Announces Filing of Final Short-Form Prospectus Qualifying the Shares and Warrants Underlying the Previously Completed Special Warrant Financing
Grounded Lithium Announces Filing of Final
Short-Form Prospectus Qualifying the Shares
and Warrants Underlying the Previously
Completed Special Warrant Financing
/NOT FOR DISSEMINATION IN
THE UNITED STATES
. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF
UNITED STATES
SECURITIES LAW./
CALGARY, AB
,
Jan. 5, 2023
/CNW/ - (TSXV: GRD) (OTCQB: GRDAF) - Grounded Lithium Corp.
("
GLC
" or the "
Company"
) filed and obtained a receipt for our final short-form prospectus (the
"
Receipt
") with the securities commissions in
British Columbia
,
Alberta
,
Saskatchewan
,
Manitoba
,
Ontario
and
Quebec
. This filing of the final prospectus is in connection with our non-brokered private
placement of 12,000,000 special warrants (the "
Special Warrants
") of the Company for gross
proceeds of
$3,000,000
(the "
Offering
") completed on
November 4, 2022
(the "
Closing Date
").
With the Receipt, the Special Warrants are expected to be automatically exercised on
January 6,
2023
into 12,000,000 units ("
Units
") on a one-for-one basis, without any further consideration or
action on the part of the holder, each Unit comprised of one common share (each, a "
Common
Share
") of the Company and one common share purchase warrant (each, a "
Warrant
") of the
Company. The Common Shares will be listed on the TSX Venture Exchange ("
TSXV
") and will be
freely-tradeable. The Warrants have a strike price of
$0.50
and are exercisable for a period of 24-
months from the Closing Date.
As communicated in our press release dated
November 7, 2022
announcing the closing of the
Offering, the resulting capitalization of the Company upon exercise of the Units will be as follows:
Number of
Shares
Potential Future
Proceeds
Common shares, basic
68,872,750
$ -
Warrants, $0.50 exercise price
12,000,000
$ 6,000,000
Management incentives
7,409,100
$ 1,455,000
Finders warrants, financings to date
2,351,862
$ 447,676
Common shares, fully diluted
90,633,712
Potential future proceeds
$ 7,902,676
About Grounded Lithium Corp.
GLC is a publicly traded lithium brine exploration and development company that controls
approximately 3.7 million tonnes of lithium carbonate equivalent of inferred resource over our
focused land holdings in
Southwest Saskatchewan
. GLC's multi-faceted business model involves the
consolidation, delineation, exploitation and ultimately development of our opportunity base to fulfill
our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting
the global energy transition shift. U.S. investors can find current financial disclosure and Real-Time
Level 2 quotes for the Company on
https://www.otcmarkets.com/
.
Qualified Persons
Scientific and technical information contained in this press release has been prepared under the
supervision of
Doug Ashton
, P.Eng,
Suryanarayana Karri
, P. Geoph.,
Alexey Romanov
, P. Geo. and
Meghan Klein
, P. Eng., each of whom is a qualified person within the meaning of National Instrument
43-101 –
Standards of Disclosure for Mineral Projects
.
Forward-Looking Statements
This press release may contain forward-looking statements and forward-looking information within
the meaning of applicable Canadian securities laws. The opinions, forecasts, projections and
statements about future events of results, are forward looking information, forward-looking
statements or financial outlooks (collectively, "
forward-looking statements
") under the meaning of
applicable Canadian securities laws. These statements are made as of the date of this press
release and the fact that this press release remains available does not constitute a representation
by GLC that the Company believes these forward-looking statements continue to be true as of any
subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected
in, these forward-looking statements are reasonable, it can give no assurance that these
assumptions and expectations will prove to be correct. Such statements include, but are not limited
to, statements regarding the automatic exercise of the Special Warrants, the listing of the Common
Shares on the TSXV, the timing of the automatic exercise of the Special Warrants, the resulting
capitalization of the Company following the automatic exercise of the Special Warrants, and GLC's
vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer
supporting the global energy transition.
Among the important factors that could cause actual results to differ materially from those indicated
by such forward-looking statements are: GLC's expectation that our operations will be in
Western
Canada
, unexpected problems can arise due to technical difficulties and operational difficulties which
impact the production, transport or sale of our products; geographic and weather conditions can
impact the production; the risk that current global economic and credit conditions may impact
commodity prices and consumption more than GLC currently predicts; the failure to obtain financing
on reasonable terms; the risk that unexpected delays and difficulties in developing currently owned
properties may occur; the failure of drilling to result in commercial projects; unexpected delays due
to the limited availability of drilling equipment and personnel; and the other risk factors detailed from
time to time in GLC's periodic reports. GLC's forward-looking statements are expressly qualified in
their entirety by this cautionary statement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy
any securities in any jurisdiction.
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 news release.
SOURCE
Grounded Lithium Corp
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For further information:
Gregg Smith, President & CEO, [email protected]; Greg
Phaneuf, VP Finance & CFO, [email protected], Phone:
587.319.6220
CO: Grounded Lithium Corp
CNW 06:00e 05-JAN-23