Li-FT Announces $7 Million Private Placement of Flow-Through Shares
Li-FT Announces $7 Million
Private Placement of Flow-Through Shares
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR
DISSEMINATION IN THE UNITED STATES
October 13, 2022 – Vancouver, B.C., Li-FT Power Ltd. (“ Li-FT” or the “ Company”) (CSE: LIFT)
(Frankfurt: WS0) is pleased to announce that it has entered into an agreement with Canaccord
Genuity Corp. on behalf of a syndicate of agents (collectively, the "Agents") in connection with a
"best efforts" private placement (the "Charitable Flow-Through Offering") of 428,400 common
shares of the Company (the "Charitable Flow-Through Shares"). The Charitable Flow -Through
Shares will be issued at a price of $16.34 per Charitable Flow-Through Share (the "Charitable Flow-
Through Offering Price") for aggregate gross proceeds of up to $7.0 million.
The Charitable Flow-Through Shares will qualify as "flow -through shares" (within the meaning of
subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)).
The gross proceeds from the Charitable Flow-Through Offering will be used by the Company to incur
eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as both
terms are defined in the Income Tax Act (Canada)) (the "Qualifying Expenditures") related to the
projects of the Company in Québec. The Qualifying Expenditures will be renounced in favour of the
subscribers of the Charitable Flow-Through Shares with an effective date no later than December
31, 2022 and in the aggregate amount of not less than the total amount of the gross proceeds raised
from the issuance of the Charitable Flow-Through Shares.
The Charitable Flow-Through Offering is being made by way of private placement in Canada. The
Charitable Flow -Through Shares will be subject to a four month hold period under applicable
securities laws in Canada. The Charitable Flow-Through Offering is expected to close on or about
November 3, 2022 (the " Closing Date "), subject to the satisfaction or waiver of the customary
closing conditions, including the conditional listing approval of the Canadian Securities Exchange.
About Li-FT
Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of
mineral properties, specifically lithium pegmatite projects located in Canada. The Company currently
holds a 100% interest on the Rupert Project, which is a 155,000 hectare greenfield lithium pegmatite
exploration initiative, and has recently signed an option agreement for a 15,323 hectare project with
70% interest on the Pontax Property. On September 21, 2022 The Company additionally entered
into an option ag reement for a 18,535 hectare property with a 100% on the Lac des Montages
Project. All properties are located in the James Bay region in Quebec, Canada.
For further information, please contact:
Julie Hajduk
Chief Executive Officer
Tel: (604) 609-6185
Email: [email protected]
Website: www.li-ft.com
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or
statements (collectively, “forward-looking statements”), including those identified by the expressions
“anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions
to the extent they relate to the Company or its management. The forward-looking statements are
not historical facts but reflect current expectations regarding future results or events. This press
release contains forward looking statements. These forward-looking statements are based on
current expectations and various estimates, factors and assumptions and involve known and
unknown risks, uncertainties and other factors.
Forward-looking statements are not a guarantee of future performance and involve risks,
uncertainties and assumptions which are difficult to predict. Factors that could cause the actual
results to differ materially from those in forward-looking statements include the continued availability
of capital and financing, and general economic, market or business conditions, including the effects
of COVID-19. Forward-looking statements contained in this press release are expressly qualified by
this cautionary statement. These statements should not be read as guarantees of future
performance or results. Such statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements to be materially different from
those implied by such statements. Although such statements are based on management’s
reasonable assumptions, there can be no assurance that the statements will prove to be accurate
or that management’s expectations or estimates of future developments, circumstances or results
will materialize. The Company assumes no responsibility to update or revise forward-looking
information to reflect new events or circumstances unless required by law. Readers should not place
undue reliance on the Company’s forward-looking statements.
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this
release.
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 of America. The securities have not been and will not be registered
under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may
not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless
registered under the 1933 Act and applicable state securities laws, or an exemption from such
registration is available.