Lithium Chile Announces Proposed Private Placement
LITHIUM CHILE ANNOUNCES PROPOSED PRIVATE PLACEMENT
TSX Venture Exchange: LITH For Immediate Release
OTC-QB: LTMCF
CALGARY, ALBERTA, May 11, 2020 – Lithium Chile Inc. (“Lithium Chile ” or the “ Company”)
announces that it plans to complete a non-brokered private placement of up to 15,000,000 units
of the Company (the “Units”) at a price of $0.10 per Unit, for aggregate gross proceeds of up to
$1,500,000 (the “Offering”). There is no minimum Offering. Each Unit will be comprised of one
(1) common share of the Company (a “Common Share”) and one-half of one (1/2) Common Share
purchase warrant (“Warrant”). Each whole Warrant shall be exercisable at $0.25 per Common
Share for a period of 12 months from the date of closing of the Offering.
Lithium Chile may pay a cash commission or finder's fee to qualified non-related parties of up to
8% of the gross proceeds of the Offering and broker warrants (the “ Broker Warrants”) equal to
up to 8% of the number of Common Shares sold in the Offering. Each Broker Warrant will entitle
the holder to acquire one Common Share at a price of $ 0.10 per Broker Warrant for a period of
12 months from the date of issuance.
The use of proceeds of the Offering is dependent on the final amount raised. Based on the
maximum offering, the use of proceeds will be as follows: (i) $450,000 to advance exploration
activities on the Company's Salar de Coipasa, Salar de Helados, Salar de Laguna Blanca and Salar
de Turi lithium properties; (ii) $350,000 on costs related to maintaining the Company’s existing
claims (iii) $400,000 on exploration of the Company's Carmona and La Fortuna gold properties;
and (iv) $300,000 for general corporate purposes including the costs of the Offering.
As the Company is relying on the Exemption for Sales to Purchasers Advised by Investment
Dealers, it confirms that there is no material fact or material change related to the Company
which has not been generally disclosed. The Company will also rely on the prospectus exemption
allowing sales to accredited investors.
Completion of the Offering is subject to regulatory approval including, but not limited to, the
approval of the TSX Venture Exchange. The Common Shar es, Warrants and Broker Warrants
issued will be subject to a four month hold period from the date of the closing of the Offering.
It is expected that insiders of the Company will participate in the Offering.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 1 10,280 hectares covering
sections of 11 salars and two laguna complexes in Chile.
Lithium Chile is now also advancing a property portfolio that is prospective for gold, silver and
copper. Two of those properties, Apolo and Sancarron, lie within the core of the El Indo Gold
belt noted for its multi -million-ounce gold deposits and are the subject of a recently entered
option agreement which is expected to result in significant exploration efforts being expended
thereon.
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Lithium Chile’s common shares are listed on the TSX-V under the symbol "LITH” and on the OTC-
QB under the symbol “LTMCF”.
To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO
via email: [email protected] or alternately, Jeremy Ross, VP Business Development, at (604)
537-7556 or via email: [email protected]. Chilean contact is Terry Walker, VP Exploration
at (011) 562 2455-6473 or via email: [email protected].
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.
NOT FOR RELEASE IN THE UNITED STATES OF AMERICA
Forward Looking Statements
This news release may contain certain forward -looking information and forward -looking statements within the meaning of
applicable securities legislation (collectively "forward -looking statements"). Generally, forward -looking information can be
identified b y the use of forward -looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or
variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news
release contains forward-looking statements relating to, among other things, the closing of the private placement, statements
pertaining to the use of proceeds, and the Company's ability to obtain necessary approvals from the TSX Venture Exchange.
You are cautioned t hat the following list of material factors and assumptions is not exhaustive. Specific material factors and
assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company
operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable
terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects a nd
the results fro m such prospects. Accordingly, readers should not place undue reliance on forward -looking statements. The
Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws.
All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.