Grounded Lithium Announces Filing of Preliminary Short-Form Prospectus for Previously Completed Special Warrant Financing
Grounded Lithium Announces Filing of
Preliminary Short-Form Prospectus for
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
,
Dec. 23, 2022
/CNW/ - (TSX.V: GRD) (OTCQB: GRDAF) - Grounded Lithium
Corp. ("
GLC
" or the "
Company"
) filed and received the receipt for our preliminary short-form
prospectus with the securities commissions in
British Columbia
,
Alberta
,
Saskatchewan
,
Manitoba
,
Ontario
and Quebec. This filing 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 Special Warrants are
automatically exercisable for units ("
Units
") on a one-for-one basis, each Unit comprised of one
common share of the Company and one common share purchase warrant of the Company with a
strike price of
$0.50
and exercisable for a period of 24-months from the closing of the Offering.
Each Special Warrant will be automatically exercised into Units on the date which is the earlier of:
(i) the second business day following the date on which a receipt is obtained from the
Alberta Securities Commission, as principal regulator on behalf of the applicable securities
regulatory authorities in each of the provinces and territories of
Canada
in which the Special
Warrants are sold for a (final) prospectus to qualify the distribution of the Units underlying the
Special Warrants; and
(ii) the date which is four months and a day following the closing date of the Offering
We anticipate obtaining a receipt for the final short-form prospectus early in 2023.
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 Person
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 timing of the automatic
exercise of the Special Warrants, the timing of obtaining a receipt for the Company's final short form
prospectus, 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; risk of receiving a receipt for the final
short form prospectus; 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:
please contact : Gregg Smith, President & CEO,
[email protected]; Greg Phaneuf, VP Finance & CFO,
587.319.6220
CO: Grounded Lithium Corp
CNW 06:00e 23-DEC-22