Each Unit consists of one ordinary share in the capital of the Company and one warrant for the purchase of ordinary shares. Each warrant entitles the holder to acquire one additional common share at a price of $0.15 per share for a period of 36 months from the date of issuance.
The net proceeds from the Offering will be used for general working capital, operating overhead and exploration and development activities.
Certain Company insiders participated in the Offering, collectively subscribing for $175,000 and receiving a total of 1,750,000 Units. Such participation constitutes a related party transaction within the meaning of TSX Venture Exchange (“TSXV”) Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The company expects that insider participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
In connection with the Offering, the Company paid an aggregate of $35,550 in cash finders’ fees and issued an aggregate of 355,550 finders’ warrants. Each finder’s warrant entitles the holder to purchase one share of common stock at a price of $0.15 per share for a period of 36 months from the date of issuance.
No new control persons were created as a result of the Offering. The Offering remains subject to final acceptance by the TSX Venture Exchange.
For additional information:
Contacts:
In Europe: VP Corporate Development simon.studer@noramlithium.com
Elsewhere: Investor Relations at ir@noramlithiumcorp.com
Website: www.noramlithiumcorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Director
About Noram Lithium Corp.
noram lithium corp. (TSXV:NRM,OTC:NRVTF)(OTCQB:NRVTF)(Frankfurt:N7R) is focused on advancing its 100% owned Zeus Lithium Project in Clayton Valley, Nevada, an emerging lithium hub in the United States. With the rise of the electric vehicle and energy storage markets, the company aims to become a major participant in the domestic supply of lithium in the United States. The Company strives to create shareholder value through the strategic allocation of capital.
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.
Cautionary Note Regarding Forward-Looking Information
This press release may contain forward-looking information that is not historical fact. Forward-looking information involves risks, uncertainties and other factors that may 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 press release includes statements regarding plans for the continued development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further research and the availability of capital on terms acceptable to the Company. Although noram believes that the assumptions used in preparing the forward-looking information contained in this press release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the disclosed time frames or at all. noram 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 applicable securities laws.
SOURCE: noram lithium corp.
View the original press release on ACCESS Newswire
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