Consolidated Lithium Closes Private Placement Flow-Through Financing
Consolidated Lithium Closes Private Placement Flow-Through Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, Oct. 30, 2024 -- CONSOLIDATED LITHIUM METALS INC. (TSXV: CLM | OTCQB: JORFF | FRA: Z36)
(“Consolidated Lithium ” or the “Company“) is pleased to announce that it has closed its previously announced non-brokered
private placement financing of units (each, a “Unit”) at a price of $0.025 per Unit for gross proceeds of $300,000 (the
“Offering”). For more information on the Offering, please see the Company’s press releases dated September 23, 2024 and
October 23, 2024, each of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.
Pursuant to the Offering, Consolidated Lithium issued on a “flow-through basis” 12,000,000 Units at a price of $0.025 per Unit.
Each Unit consists of one common share of the Company (each, a “ Common Share ”) and one Common Share purchase
warrant (each, a “Warrant ”). Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of
$0.05 until October 30, 2026. The securities issued in connection with the Offering are subject to a statutory four-month hold
period, which expires on March 1, 2025. Completion of the Offering is subject to receipt of final approval of the TSX Venture
Exchange (“TSXV”). The Company intends to use the proceeds of the Offering to fund exploration work on its mining
properties located in Quebec, Canada, including treating bulk samples, field geological mapping, geophysical surveys and
various other site expenses, and paying certain amounts owing to retain its mining concessions. None of the proceeds will be
used for management fees or investor relations and none will be paid to Non-Arm’s Length Parties of the Company (as such
term is defined in the policies of the TSXV). No specific use has yet been identified by the Company for amounts representing
10% or more of the gross proceeds of the Offering.
In connection with the Offering, Consolidated Lithium paid finder’s fees of $20,000 in cash and issued 640,000 non-transferable
finder’s warrants (“Finder’s Warrants”) to an eligible finder in accordance with TSXV policies. Each Finder’s Warrant entitles
the holder thereof to acquire one Common Share at a price of $0.05 at any time prior to October 30, 2026.
Richard Quesnel, the chief executive officer and a director of the Company, subscribed for 4,000,000 Units pursuant to the
Offering (the “Insider Participation ”). Mr. Quesnel’s participation is considered to be a “related party transaction” as defined
under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The
Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The
Company did not file a material change report more than 21 days before closing the Offering as the details of the
abovementioned Insider Participation were not settled until shortly prior to closing, and the Company wished to close the
Offering on an expedited basis.
Consolidated Lithium’s chief executive officer, Richard Quesnel, commented: “I am pleased to have completed this financing to
continue to move our projects forward. The Company is excited at the opportunity to continue exploration at its large land
position surrounding the producing North American Lithium mine. To that end, I was also proud to participate personally in this
financing and show support for the Company.”
About Consolidated Lithium Metals Inc.
Consolidated Lithium Metals Inc. is a Canadian junior mining exploration company trading under the symbol “CLM” on the TSX
Venture Exchange and “Z36” on the Frankfurt Stock Exchange. The Company is focused on the acquisition, exploration,
production, and development of mining properties. The Company’s properties are in Quebec, Canada, primarily in the
spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium’s Quebec lithium mine.
For more information:
Rene Bharti, VP Corporate Development
Email | [email protected]
Phone | (416) 861-5800
Website |www.consolidatedlithium.com
Cautionary and Regulatory Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, statements with respect to the Offering, including the Company’s
intended use of proceeds, receipt of final approval of the TSXV, and other matters relating thereto, as well as the Company’s
business and future exploration plans. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that
certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking
information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Consolidated Lithium to be materially different from those expressed or implied by
such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic,
competitive, political and social uncertainties; future mineral prices and market demand; accidents, labour disputes and
shortages and other risks of the mining industry. Although Consolidated Lithium has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking information. Consolidated Lithium does not undertake
to update any forward-looking information, except in accordance with applicable securities laws.
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.
NEITHER 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.