LIFT Announces a Strategic $21.3 Million Private Placement
LIFT ANNOUNCES A STRATEGIC $21.3 MILLION PRIVATE
PLACEMENT
October 23, 2024 – Vancouver, B.C., Li-FT Power Ltd. (“ LIFT” or the “ Company”) (TSXV: LIFT )
(OTCQX: LIFFF ) ( Frankfurt: WS0) is pleased to announce a non -brokered private placement
consisting of (i) 2,694,895 common shares of the Company that will qualify as “flow -through
shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (each, a “Flow-
Through Share”) at a price of $5.6575 and (ii) 1,645,000 common shares of the Company (each,
a “Hard Dollar Share”) at a price of $3.65 per Hard Dollar Share for aggregate gross proceeds of
approximately $21,250,618 (the “Offering”).
A single purchaser (the “Purchaser”) is expected to ultimately purchase all of common shares to
be issued under the Offering as a strategic investment (the “ Strategic Investment ”). The
Purchaser currently holds 363,918 common shares of the Company. Upon closing of the Strategic
Investment, the Purchaser will own 4,703,813 common shares of the Company, representing
9.99% of the issued and outstanding common shares on a non-diluted basis.
In connection with the Strategic Investment, the Company and the Purchaser will negotiate an
investor rights agreement containing customary terms.
The gross proceed from the issue of the Hard Dollar Shares will be used to advance the
Company’s Canadian assets as well as for general corporate purposes. The gross proceeds from
the issue of the Flow -Through Shares will be used by the Company to incur el igible “Canadian
exploration expenses” that will qualify as “flow -through critical mineral mining expenditures” as
such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to
the Company’s projects located in the Northwest Territories, Canada on or before December 31,
2025. All Qualifying Expenditures will be renounced in favour of the subscribers effective
December 31, 2024.
The closing of the Offering is expected to occur on or before November 12, 2024 and is subject
to the satisfaction of certain conditions, including execution of definitive agreements, including
the investor rights agreement with the proposed Purchaser and receipt of acceptance by the TSX
Venture Exchange. All securities issued in connection with the Offering will be subject to a hold
period of four months and one day from the date of closing, in accordance with applicable
Canadian securities laws.
Canaccord Genuity acted as financial advisor to LIFT in connection with the Strategic Investment.
About LIFT
LIFT is a mineral exploration company engaged in the acquisition, exploration, and development
of lithium pegmatite projects located in Canada. The Company’s flagship project is the
Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-
stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried
lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni
Pegmatite Group.
For further information, please contact:
Francis MacDonald Daniel Gordon
Chief Executive Officer Investor Relations
Tel: + 1.604.609.6185 Tel: +1.604.609.6185
Email: [email protected] 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 relating to the closing
of the Offering, the completion of the Strategic Investment, use of proceeds of the Offering , the
timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying
Expenditures as well as the approval of the TSXV. These forward -looking statements and
information reflect management's current beliefs and are based on assumptions made by and
information currently available to the company with respect to the matter described in this new
release.
Forward-looking statements involve risks and uncertainties, which are based on current
expectations as of the date of this release and subject to known and unknown risks and
uncertainties that could cause actual results to differ materially from those expressed or implied
by such statements. Additional information about these assumptions and risks and uncertainties
is contained under "Risk Factors" in the Company's latest annual information form filed on March
27, 2024, which is available under the Company' s SEDAR+ profile at www.sedarplus.ca, and in
other filings that the Company has made and may make with applicable securities authorities in
the future. Forward -looking statements contained herein are made only as to the date of this
press release and we undertake no obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise, except as required by law. We
caution investors not to place considerable reliance on the forward-looking statements contained
in this press release.
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.