Infinite Lithium Corp. Completes Private Placements
December 22, 2017 (Source) — INFINITE LITHIUM CORP. (“Infinite Lithium” or the “Company”) (ILI-TSX:V) (37NN–FRANKFURT) is pleased to announce that it has closed its previously announced private placement of units (see previous news releases dated November 23, 2017 and November 27, 2017), for aggregate gross proceeds of $4,830,000.
Pursuant to the private placements, a total of 34,000,000 units were issued at $0.12 per share, for gross proceeds of $4,080,000, and a total of 5,000,000 units were issued at $0.15 per share, for gross proceeds of $750,000. Each unit is comprised of one common share and one common share purchase warrant exercisable at $0.20 per share for 36 months. The shares and warrants comprising the units are subject to a 4 month hold period expiring April 23, 2018.
With respect to the units issued at $0.12 per unit, a total of $134,776.40 in cash finder’s fees were paid to arm’s length parties. With respect to the units issued at $0.15 per unit, a total of $11,250 in cash finder’s fees were paid to arm’s length parties.
Proceeds received by the Company will be used for general corporate purposes and for advancing the Company’s 100% owned Jackpot lithium project, located in the Georgia Lake area of the Thunder Bay Mining Division, Ontario.
The Company also announces it will not be proceeding with the Iron-T acquisition announced July 6, 2017 as it has determined to focus its efforts in the lithium space.
The Company further announces it has granted 800,000 stock options to directors and officers of the company, exercisable at a price of $0.30 per share for a period of 24 months from the date of grant. The options have been granted in accordance with the company’s stock option plan.
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About Infinite Lithium
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring lithium projects globally.
ON BEHALF OF THE BOARD
Michael England, President and Director
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.
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