Liberty One Lithium Corp. (“Liberty One” or the “Company”) (LBY: TSXV) is pleased to announce that the Company has closed a first tranche of its $4,200,000 non-brokered private placement (the “Offering”) that was announced in news releases dated February 6, 2017, February 7, 2017 and March 7, 2017.
The Company issued 10,238,904 units (the “Units”) at a price of $0.35 per Unit for gross proceeds of $3,583,616.70. Each Unit consists of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.50 per Share until May 2, 2018.
The Company has paid eligible finders a cash commission in the aggregate amount of $245,953.18 being 7% of the aggregate proceeds from the sale of Units to purchasers introduced by the finders as well as issued an aggregate of 702,723 non-transferable finders warrants (each a “Finders Warrant”), which is equal to 7% of the number of Units sold to purchasers introduced by the finders. Each Finders Warrant entitles the finder to acquire a common share at an exercise price of $0.50 per share until May 2, 2018.
All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation expiring on September 3, 2017. The net proceeds received from the Offering will be used to fund the exploration of the Company’s recently acquired Paradox North Property and for general working capital.
It is expected that the Offering will close one additional tranche on May 4, 2017.
On April 27, 2017 the Company announced the grant of stock options (the “Options”) to purchase up to 2,250,000 common shares pursuant to the Company’s stock option plan. The Company wishes to clarify that the Options are exercisable at a price of $0.55 per share (not $0.44 as previously announced) and will expire on April 27, 2022.
For further information, please contact Mr. Morgan Tincher at telephone no.: 604- 343-4547 or fax no.: 604- 648-9675 or view the Company’s filings at www.SEDAR.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “anticipates”, “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.