NOA Lithium Closes $7 Million Non-Brokered Private Placement
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NOA Lithium Closes $7 Million Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISEMMINATION IN THE UNITED STATES
May 18, 2023 , Toronto, Ontario – NOA Lithium Brines Inc. (TSX-V: NOAL) (“ NOA” or the
“Company”) is pleased to announce it has completed a non-brokered private placement ("Private
Placement") for the sale of 17,633,741 units (the “Units”) at a price of $0.40 per Unit for gross
proceeds of $7,053,496. All amounts expressed are in Canadian dollars.
Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one
common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant
is exercisable into one Common Share at an exercise price of $0.60 for a period of 36 months from
the date of issuance.
Taj Singh, President and CEO states, “In just a couple of months since going public we have made
rapid progress. Our drill program at our flagship Rio Grande project resulted in the discovery of
multiple brine horizons of significant thickness in the alluvial fans surrounding the sala r in our first
drill hole , with full assay results expecte d to be received shortly . Also at Rio Grande, we have
strategically acquired claims to strengthen our position, both on the surface salar and in the alluvials.
Most recently, we made an important acquisition at the Arizaro salar, materially increasing our land
holdings here and acquiring a drill -permitted, high potential project on the surface salar. With the
closing of this upsized financing, we are very well-positioned for long-term success.”
The Company primarily plans to use the proceeds of the Private Placement for exploration of its
properties, including accelerating the current drill program at its flagship Rio Grande project . The
Private Placement is subject to a statutory 4 -month and one day hold period from the date of
issuance. The Private Placement remains subject to final approval of the TSX Venture Exchange
and applicable securities regulatory authorities.
In connection with the Private Placement, an aggregate of $206,725 was paid in cash as finder’s
fees to Zaphiros S.A., Patricio Milic, Gustavo Kagel, Ignacio Marseillan, Ruben Jabib, and Stephen
Avenue Securities Inc.
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. Pe rsons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
About NOA Lithium Brines Inc.
NEWS RELEASE
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NOA is a lithium exploration and development company formed to acquire assets wit h significant
resource potential. All NOA’s projects are in the heart of the prolific Lithium Triangle, in the mining -
friendly province of Salta, Argentina, near a multitude of projects and operations owned by industry
leaders. NOA has rapidly consolidated one of the largest lithium brine claim portfolios in this region
that is not owned by a producing company, with key positions on three prospective salars (Rio
Grande, Arizaro, Salinas Grandes) and a total portfolio of over 100,000 hectares.
On Behalf of the Board of Directors,
Taj Singh, M.Eng, P.Eng, CPA
President & CEO, Director
For Further Information
Website: www.noalithium.com
Email: [email protected]
Telephone: 416-568-1027
Cautionary Note Regarding Forward-Looking Statements
This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this
news release, other than statements of historical fact, are to be considered forward looking statements. Forward -looking statements
including, but not limited to NOA’s future plans and objectives regarding its projects, which constitute forward looking information that
involve various risks and uncertainties. Although NOA believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may di ffer
materially from those described in forward -looking statements. Factors that could cause actual results to differ materially from those
described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and
financing, and general economic, market or business conditions. There can b e no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation of such uncertainties. NOA does not assume any obligation to update
any forward-looking statements except as required under applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.