Lancaster Resources Closes Financing
NOT
FOR
DISTRIBUTION
TO
UNITED
STATES
NEWSWIRE
SERVICES
OR
FOR
DISSEMINATION
IN
THE
UNITED
STATES
Lancaster
Resources
Closes
Financing
November
28,
2023
Vancouver,
British
Columbia
-
Lancaster
Resources
Inc.
(CSE:LCR
|
OTCQB:LANRF
|
FRA:6UF0)
(the
“Company”)
is
pleased
to
announce
that
it
has
completed
the
first
tranche
of
its
previously
announced
non-brokered
private
placement
(the
"Offering"),
as
first
announced
on
November
7,
2023.
The
Company
has
completed
the
first
tranche
of
the
Offering
with
gross
proceeds
of
$432,050.
This
includes
2,500,000
flow-through
shares
issued
at
a
price
of
$0.08
per
share
for
gross
proceeds
of
$200,000
and
4,641,000
units
at
$0.05
per
unit,
raising
gross
proceeds
of
$232,050.
Each
unit
is
comprised
of
one
common
share
and
one
common
share
purchase
warrant.
Each
warrant
is
exercisable
into
one
common
share
of
the
Company
at
an
exercise
price
of
$0.07
per
share
for
a
period
of
five
years.
Proceeds
from
the
Offering
will
be
utilized
for
exploration
at
the
Alkali
Flat
Lithium
Brine
Project
in
New
Mexico
and
at
the
Trans-Taiga
Lithium
Property
in
Quebec,
marketing
publicity,
additional
property
acquisitions
and
exploration,
renewable
energy
and
DLE
testing
and
development,
salaries,
consulting
fees
and
travel
expenses.
$200,000
of
the
proceeds
of
the
Offering
shall
be
specifically
directed
toward
Canadian
exploration
expenses
in
compliance
with
the
Income
Tax
Act
(Canada).
In
connection
with
the
Offering,
the
Company
paid
$23,120
in
cash
commission
to
finders
and
issued
finders
warrants
to
purchase
342,400
shares
at
$0.07
per
share
for
a
period
of
five
years.
All
securities
issued
pursuant
to
the
Offering
are
subject
to
a
statutory
hold
period
of
four
months
and
one
day
from
the
issuance
date.
This
news
release
does
not
constitute
an
offer
to
sell
or
a
solicitation
of
an
offer
to
buy
any
of
the
securities
in
the
United
States.
The
securities
have
not
been
and
will
not
be
registered
under
the
United
States
Securities
Act
of
1933,
as
amended
(the
“U.S.
Securities
Act”)
or
any
state
securities
laws
and
may
not
be
offered
or
sold
within
the
United
States
or
to
U.S.
Persons
unless
registered
under
the
U.S.
Securities
Act
and
applicable
state
securities
laws
or
an
exemption
from
such
registration
is
available.
About
Lancaster
Resources
Inc.
Lancaster
Resources
(CSE:LCR
|
OTCQB:LANRF
|
FRA:6UF0)
is
engaged
in
exploring
battery
and
critical
metals
to
take
advantage
of
the
global
shift
towards
decarbonization
and
electrification.
Lancaster
has
rights
to
acquire
100%
of
the
Alkali
Flat
Lithium
Brine
Project,
near
Lordsburg,
New
Mexico,
USA,
a
set
of
claims
approximately
5,200
acres
(8.1
square
miles)
in
size
that
Lancaster
is
exploring
for
concentrated
sub-surface
lithium
brine
deposits.
Lancaster’s
vision
is
to
produce
Net
Zero
Lithium
using
direct
lithium
extraction
technology
powered
by
solar
or
geothermal
energy.
Lancaster
also
holds
the
rights
to
a
100%
interest
in
the
Trans-Taiga
Lithium
Property
located
within
the
James
Bay
lithium
district
of
Quebec
and
lying
on
the
same
geological
trend
as
significant
lithium
discoveries,
including
Patriot
Metals’
Corvette
Property.
Similarities
of
the
Trans-Taiga
Lithium
Project
to
the
Corvette
Property
do
not
guarantee
exploration
success
at
the
Trans-Taiga
Lithium
Project.
Lancaster
plans
to
conduct
exploration
activities
with
a
holistic
view
of
stakeholder
interests.
Guiding
Lancaster
Resources'
journey
is
a
skilled
management
and
technical
team
with
collective
involvement
in
over
15
commercial
mineral
discoveries
and
endowed
with
extensive
experience
in
the
creation
of
lithium
brine
targets
and
the
exploration
and
development
of
Lithium
projects
across
Canada,
the
American
West,
Mexico,
and
South
America.
Penny
White,
President
&
Chief
Executive
Officer
Lancaster
Resources
Inc.
Email:
Tel:
604
923
6100
Website:
www.lancaster-resources.com
Cautionary
Statement
Regarding
Forward-Looking
Statements
Certain
statements
contained
in
this
press
release
constitute
forward-looking
information.
These
statements
relate
to
future
events
or
Lancaster’s
future
performance.
The
use
of
any
of
the
words
“could,”
“expect,”
“believe,”
“will,”
“projected,”
“estimated,”
and
similar
expressions
and
statements
relating
to
matters
that
are
not
historical
facts
are
intended
to
identify
forward-looking
information
and
are
based
on
Lancaster’s
current
belief
or
assumptions
as
to
the
outcome
and
timing
of
such
future
events.
Actual
future
results
may
differ
materially.
In
particular,
the
ability
of
Lancaster
to
execute
its
exploration
plans,
obtain
exploration
and
drilling
permits,
raise
capital,
retain
key
personnel,
identify,
acquire,
explore,
and
develop
high-quality
mineral-rich
properties,
and
integrate
sustainable
energy
sources
and
innovative
technologies
for
climate-positive
resource
production
constitute
forward-looking
information.
Actual
results
and
developments
may
differ
materially
from
those
contemplated
by
forward-looking
information.
Readers
are
cautioned
not
to
place
undue
reliance
on
forward-looking
information.
The
statements
made
in
this
press
release
are
made
as
of
the
date
hereof.
Lancaster
disclaims
any
intention
or
obligation
to
publicly
update
or
revise
any
forward-looking
information,
whether
as
a
result
of
new
information,
future
events,
or
otherwise,
except
as
may
be
expressly
required
by
applicable
securities
laws.
The
Canadian
Securities
Exchange
has
not
reviewed,
approved
or
disapproved
the
contents
of
this
news
release.