Vision Lithium Completes First Tranche of Private Placement for Gross Proceeds of $783,000 /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
Vision Lithium Completes First Tranche of
Private Placement for Gross Proceeds of
$783,000
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VAL-D'OR, QC,
Dec. 23, 2020
/CNW/ - Vision Lithium Inc. (TSXV: VLI) (OTC PINK: ABEPF) (the
"
Company
" or "
Vision Lithium
") is pleased to announce that it has closed a first tranche (the "
First
Tranche
") of its non-brokered private placement previously announced on
November 18, 2020
and
December 17, 2020
(the "
Offering
"). The First Tranche consisted of 39,150,000 units of Company
(the "
Units
") at a price of
$0.02
per Unit for aggregate gross proceeds of
$783,000
. Each Unit
consists of one common share of the Company (a "
Share
") and one common share purchase
warrant (a "
Warrant
"), with each Warrant entitling the holder thereof to purchase one Share at price
of
$0.05
per Share for a period of 3 years following the closing of the First Tranche.
In connection with the First Tranche, finder's fees totalling
$49,175
were paid to third parties dealing
at arm's length with the Company.
The Company intends to use the net proceeds of the First Tranche for exploration of certain of its
properties and for general corporate and working capital purposes.
Certain senior officers and directors of the Company (each, a "
Related Party
") participated in the
First Tranche by subscribing for an aggregate of 2,400,000 Units at an aggregate subscription price
of
$48,000
. The participation of each Related Party in the First Tranche is considered a "related
party transaction" under
Regulation 61-101 respecting Protection of Minority Security Holders in
Special Transactions
(Québec) ("
Regulation 61-101
") and the corresponding Policy 5.9 of the TSX
Venture Exchange. The Company relied on Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101,
respectively, for exemptions from the formal valuation and minority approval requirements under
Regulation 61-101, as neither the fair market value of the Units issued to the Related Parties, nor
the amount of consideration paid therefor, exceeds 25% of the Company's market capitalization.
A material change report in respect of the related party transactions was not filed at least 21 days in
advance of the closing of the First Tranche, as the subscriptions from the Related Parties were not
confirmed until shortly before the closing and the Company wished to close the First Tranche on an
expedited basis for sound business reasons.
All securities issued under the First Tranche are subject to a hold period of four months and one day
from their date of issuance. The Offering remains subject to the final acceptance of the TSX Venture
Exchange.
The offered securities have not been registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in
the United States
absent registration or an applicable exemption
from the registration requirements. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful.
About Vision Lithium Inc.
Vision Lithium Inc. is a junior exploration company focused on exploring and developing high quality
mineral assets including gold, copper and lithium in safe jurisdictions, primarily in
Canada
. The
Company is led by skilled and qualified mineral exploration experts and business professionals.
Vision Lithium is committed to discovering new world class assets and bringing these assets to
production, starting with the Dôme
Lemieux
copper-zinc property in
Quebec's
Gaspé region, its
polymetallic properties in
New Brunswick
, and the Sirmac lithium property located in
Northern
Quebec
.
For further information on the Company, please visit our website at
www.visionlithium.com
or contact
us at
.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news
release contains "forward-looking information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at the date of this news release.
Forward-looking information involves risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. Forward-looking information in this news release
includes, but is not limited to, the use of proceeds; the timing and ability of the Company, if at all, to
obtain final acceptance of the Offering from the TSX Venture Exchange; objectives, goals or future
plans; and statements regarding exploration plans. Factors that could cause actual results to differ
materially from such forward-looking information include, but are not limited to, capital and operating
costs varying significantly from estimates; delays in obtaining or failures to obtain required
governmental, environmental or other project approvals; changes in equity markets; fluctuations in
commodity prices; delays in the development of projects; other risks involved in the mineral
exploration and development industry; and those risks set out in the Company's public documents
filed on SEDAR at
www.sedar.com
. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur in the disclosed time frames or
at all. The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, other than as
required by law.
SOURCE
Vision Lithium Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2020/23/c4486.html
%SEDAR: 00003760E
For further information:
For additional information regarding the Offering, please contact: Victor
Cantore, Executive Chairman, Tel: 514-831-3809, Email: [email protected]; Yves
Rougerie, President and Chief Executive Officer, Tel: 819-874-6200, Email:
CO: Vision Lithium Inc.
CNW 16:56e 23-DEC-20