Lithium Africa Closes $8.8 Million Brokered Private Placement of Units
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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
FOR DISSEMINATION IN THE UNITED STATES
Lithium Africa Closes $8.8 Million Brokered Private Placement of Units
Lisbon, Portugal – March 18, 2026: Lithium Africa Corp. (formerly named Lombard Street
Capital Corp.) (TSX-V: LAF) (the “ Company”) is pleased to announce that it has closed its
previously announced upsized private placement of 4,411,565 units of the Company (the “Units”)
at a price of C$2.00 per Unit for gross proceeds of C$8,823,130 (the “Offering”).
In connection with the Offering, the Company is pleased to welcome Purpose Global Resource
Fund as a new significant shareholder, having subscribed for approximately C$3.3 million,
representing 6.7% of the Company's issued and outstanding shares following closing, on an
undiluted basis.
Each Unit consisted of one share in the capital of the Company (a “Unit Share”) and one-half of
one share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder
thereof to purchase one additional Unit Share (a “Warrant Share”) at an exercise price of C$2.80
per Warrant Share for a period of 3 years following the closing of the Offering.
ATB Cormark Capital Markets acted as the agent in connection with the Offering (the “Agent”).
The net proceeds from the sale of the Units will be used as partial consideration in connection
with the acquisition of the Springbok Project and for working capital and general corporate
purposes. An overview of the Springbok Project and the transaction terms are provided in the
Company’s news release dated February 25, 2026.
Pursuant to an agency agreement among the Company and the Agent dated March 18, 2026, the
Company: (i) paid a cash fee of approximately C$ 587,708 to the Agent; and (ii) issued 293,854
broker warrants (the “Broker Warrants”) to the Agent. Each Broker Warrant is exercisable into
one common share of the Company at the Offering Price for a term of two years expiring on March
18, 2028.
The Offering was completed pursuant to applicable exemptions from prospectus requirements
under applicable securities laws. The Units were also offered for sale in the United States
pursuant to available exemptions from the registration requirements under the U.S. Securities Act
of 1933, as amended (the “ U.S. Securities Act”). The Units, Unit Shares and Warrants issued
pursuant to the Offering are subject to a statutory hold period in Canada expiring four months and
one day expiring on July 19, 2026. The Offering remains subject to the final acceptance of the
TSX Venture Exchange (“TSXV”).
Two insiders of the Company have subscribed for 20,000 Units ($40,000) of the Offering . The
participation by the two insiders constitutes a “related party transaction” as defined under
Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI
61-101”). Such participation is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the
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insider, nor the consideration for the Units paid by such insider, exceed 25% of the Company’s
market capitalization.
The securities referred to in this news release have not been and will not be registered under the
U.S. Securities Act or any state securities laws and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons absent registration under the U.S.
Securities Act and applicable state securities laws, unless an exemption from such registration is
available. This news release does not constitute an offer for sale of securities for sale, nor a
solicitation for offers to buy any securities. Any public offering of securities in the United States
must be made by means of a prospectus containing detailed information about the Company and
management, as well as financial statements. “United States” and “U.S. person” have t he
respective meanings assigned in Regulation S under the U.S. Securities Act.
About Lithium Africa Corp.
The Company has an established 50/50 joint venture partnership with GFL International Co., Ltd.
to jointly advance exploration in Africa (the “ LAR-GFL JV”) and, through the LAR-GFL JV, the
Company has an indirect 50% interest in a portfolio of exploration assets in hardrock pegmatite
districts across a number of prospective African regions covering South Africa, Ivory Coast,
Guinea, Mali and Zimbabwe. For more information, please visit www.li-africa.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF LITHIUM AFRICA CORP.
Tyron Breytenbach, CEO & Director
For further information regarding the Company contact:
Jeanne Liu, Corporate Communications at [email protected], 1.604.771.7125.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts may be forward- looking statements,
including statements in respect of the use of proceeds of the Offering, the acquisition of Springbok Project
and TSXV final approval. These forward-looking statements involve risks, uncertainties and other factors
that could cause actual results to differ materially from those expressed or implied by such forward-looking
statements. In addition, the forward-looking statements require management to make assumptions and are
subject to inherent risks and uncertainties. There is significant risk that the forward -looking statements will
not prove to be accurate, that the management’s assumptions may not be correct and that actual results
may differ materially from such forward- looking statements. Accordingly, readers should not place undue
reliance on the forward-looking statements. Generally forward-looking statements can be identified by the
use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”,
“plan”, “potential” and similar expressions. These forward- looking statements are based on a number of
assumptions which may prove to be incorrect which, without limiting the generality of the following, include:
the ability to raise funds through private or public equity financings; general business, economic,
competitive, political and social uncertainties; delay or failure to receive regulatory approvals; risks inherent
in exploration activities; the impact of exploration competition; unexpected geological conditions; changes
in government regulations and policies, including trade laws and policies; failure to obtain necessary permits
and approvals from government authorities; volatility and sensitivity to mark et prices; volatility and
sensitivity to capital market fluctuations; environmental and safety risks including increased regulatory
burdens; weather and other natural phenomena; and other exploration, development, operating, financial
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market and regulatory risks. The forward- looking statements contained in this press release are made as
of the date hereof or the dates specifically referenced in this press release, where applicable. Except as
required by applicable securities laws and regulation, the Company disclaims any intention or obligation to
update or revise any forward- looking statement, whether as a result of new information, future events or
otherwise, except as required by applicable securities laws. All forward-looking statements contained in this
press release are expressly qualified by this cautionary statement.
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.