/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./
CALGARY, AB, Sept. 25, 2023 /CNW/ – (TSXV: GRD) (OTCQB: GRDAF) – Grounded Lithium Corp. (“GLC” or the “Firm”) proclaims we closed on an upsized quantity from the $500,000 non-brokered unit providing non-public placement beforehand introduced September 7, 2023 (the “Financing“). In whole, $765,320 was raised via a mix of insiders along with third-parties below the Financing on the providing worth of $0.11 per unit. Every unit consists of one Frequent Share (“Frequent Share“) and one-half of 1 Frequent Share buy warrant (“Warrant“). Frequent Shares issued below the Financing whole 6,957,450, bringing the Firm’s fundamental shares issued and excellent to 76,613,873. 3,478,721 Warrants had been additionally issued below the Financing, which have a strike worth of $0.18. The Warrants expire on the date which is 2 years from the date hereof, topic to a proper exercisable by the Firm to speed up the expiry of the Warrants upon 30 days written discover if the closing worth of the Frequent Shares on the TSX Enterprise Change (“TSXV“) is at or better than $0.27 for a interval of 20 consecutive buying and selling days. Absolutely diluted issued and excellent Frequent Shares equals 104,341,440. Insider possession of the Firm stays at 14% on a fundamental Frequent Share excellent foundation. The Frequent Shares and Warrants issued below the Financing will probably be topic to a maintain interval till the date which is 4 months and a day after the date hereof.
No finders charges had been paid pursuant to the Financing. Funds raised will probably be used to fund varied company initiatives, inclusive of advancing engineering on our discipline pilot. The TSXV has conditionally permitted the Financing, together with the itemizing of the Frequent Shares and Frequent Shares underlying the Warrants on the TSXV. The Financing is topic to last approval by the TSXV.
Sure insiders of the Firm participated within the Financing pursuant to obtainable associated occasion exemptions below Multilateral Instrument 61-101 (“MI 61-101“). The Firm was exempt from the necessities to acquire a proper valuation or minority shareholder approval in reference to the insiders’ participation within the Financing in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the truthful market worth (as decided below MI 61-101) of the consideration for securities of the Firm to be issued to associated events doesn’t exceed 25% of the Firm’s market capitalization (as decided below MI 61-101).
The Firm entered into an investor relations contract with 3L Capital Inc. (“3L“) that mixed with varied different shareholder consciousness efforts are centered on rising the profile of the Firm within the public markets and its strong worth proposition (the “3L Contract“). 3L is a Toronto based mostly monetary companies firm that gives advisory companies to metals & mining, oils & gasoline, renewable vitality, and expertise firms. The 3L Contract is for a interval of six months for whole money charges of $60,000. Upon the expiration of the 3L Contract, the Firm can elect to resume on a quarterly foundation by offering ample discover. 3L supplies companies akin to organizing and administering street exhibits, drafting further advertising supplies, offering conventional and social media assist in addition to different companies as required by the Firm.
GLC is a publicly traded lithium brine exploration and growth firm that controls roughly 4.2 million metric tons of lithium carbonate equal of inferred useful resource over our centered land holdings in Southwest Saskatchewan as of the efficient date of the PEA. The PEA, titled “NI 43-101 Technical Report: Preliminary Financial Evaluation Kindersley Lithium Venture – Part 1” dated August 9, 2023 and efficient as of June 30, 2023, reviews a Part 1 NPV8 after-tax of US$1.0 billion with an after-tax IRR of 48.5%. GLC’s multi-faceted enterprise mannequin includes the consolidation, delineation, exploitation and finally growth of our alternative base to meet our imaginative and prescient to construct a best-in-class, environmentally accountable, Canadian lithium producer supporting the worldwide vitality transition shift. U.S. traders can discover present monetary disclosure and Actual-Time Degree 2 quotes for the Firm on https://www.otcmarkets.com/.
Scientific and technical data contained on this press launch has been ready below the supervision of Doug Ashton, P.Eng., Suryanarayana Karri, P. Geoph., Alexey Romanov, P. Geo., Meghan Klein, P. Eng., Dean Quirk, P.Eng., Jeffrey Weiss, P.Eng., Chad Hitchings., P.L. Eng., and Michael Munteanu, P.Eng., every of whom is a professional particular person inside the which means of NI 43-101.
This press launch might include forward-looking statements and forward-looking data inside the which means of relevant Canadian securities legal guidelines. The opinions, forecasts, projections and statements about future occasions of outcomes, are ahead trying data, forward-looking statements or monetary outlooks (collectively, “forward-looking statements“) below the which means of relevant Canadian securities legal guidelines. These statements are made as of the date of this press launch and the truth that this press launch stays obtainable doesn’t represent a illustration by GLC that the Firm believes these forward-looking statements proceed to be true as of any subsequent date. Though GLC believes that the assumptions underlying, and expectations mirrored in, these forward-looking statements are affordable, it can provide no assurance that these assumptions and expectations will show to be appropriate. Such statements embrace, however usually are not restricted to, statements pertaining to using proceeds from the Financing, companies to be offered by 3L and GLC’s imaginative and prescient of turning into a best-in-class, environmentally accountable, Canadian lithium producer supporting the worldwide vitality transition.
Among the many essential elements, dangers, uncertainties and assumptions that might trigger precise outcomes to vary materially from these indicated by such forward-looking statements are: GLC’s expectation that our operations will probably be in Western Canada, surprising issues can come up on account of technical difficulties and operational difficulties which influence the manufacturing, transport or sale of our merchandise; geographic and climate circumstances can influence the manufacturing; the chance that present international financial and credit score circumstances might influence commodity costs and consumption greater than GLC presently predicts; the failure to acquire financing on affordable phrases; the chance that surprising delays and difficulties in creating presently owned properties might happen; the failure of drilling to lead to business initiatives; surprising delays because of the restricted availability of drilling tools and personnel; and the opposite danger elements detailed occasionally in GLC’s periodic reviews. GLC’s forward-looking statements are expressly certified of their entirety by this cautionary assertion.
This information launch shall not represent a proposal to promote or the solicitation of a proposal to purchase any securities in any jurisdiction.
Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this information launch.
SOURCE Grounded Lithium Corp
For additional data: Gregg Smith, President & CEO, ; Greg Phaneuf, SVP Company Growth & CFO, ; Telephone: 587.319.6220
