/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
ROUYN-NORANDA, QC, Dec. 18,
2023 /CNW/ - Comet Lithium Corporation (TSXV: CLIC) )
(FSE: 8QY) ("Comet Lithium" or the "Corporation") is pleased to
announce that it has held a first closing of a non-brokered private
placement (the "Private Placement") in which it issued
1,673,000 common shares (the "Shares") at a price of
$0.50 per Share, and 1,356,836
"flow-through" common shares (the "Flow-Through Shares") at
a price of $0.85 per Flow-Through
Share, for aggregate gross proceeds to Comet Lithium of
$1,989,810.60.
Comet Lithium will use the net proceeds from the sales of the
Shares for general and administrative purposes and for exploring
the Company's mining properties and will use the net proceeds from
the sales of the Flow-Through Shares for exploring the Company's
mining properties the located in the provinces of Québec, with a
focus on its 100%-owned Liberty and Troilus lithium properties.
"We are excited to announce this private placement, and to see a
high level of commitment from quality Canadian and Australian
investors. These funds will allow the Corporation to ramp-up
exploration activities at our Liberty and Troilus East properties,
and to set the foundational program of work across our other
properties within the portfolio", commented Vincent Metcalfe, Executive Chairman.
A second closing of the Private Placement is expected to be held
on or around December 20, 2023.
Additional closings of the Private Placement may be held until
January 26, 2024, subject to a
maximum of an additional 1,327,000 Shares at a price of
$0.50 per Share and a maximum of an
additional 407,869 Flow-Through Shares at a price of $0.85 per Flow-Through Share, for total maximum
additional gross proceeds of $1,010,188.65.
In connection with the first closing of the Private Placement,
Comet Lithium paid cash commissions to Canaccord Genuity Corp. and
Argonaut Securities PTY Limited in an aggregate amount of
$38,923.50, which represents 7% of
the gross proceeds raised through such securities dealers.
As a result of the first closing of the Private Placement, there
are 23,604,529 common shares of Comet Lithium issued and
outstanding. Under applicable securities legislation, the
securities issued in the Private Placement are subject to a
four-month hold period, expiring on April
16, 2024for the first closing.
About Comet Lithium
Corporation
Comet Lithium is a dynamic lithium-focused exploration company
active in the prolific James Bay
District of Quebec. Comet
Lithium's flagship asset is its 100%-owned Liberty Property
contiguous to Winsome Resources' Adina deposit, a growing
high-grade discovery. Comet Lithium is advancing Liberty to
first-ever drilling.
Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Comet Lithium, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including additional closings
of the Private Placement and results of any exploration program on
the Company mining properties. Forward-looking information is based
on information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Comet Lithium's control. These
risks, uncertainties and assumptions include, but are not limited
to the risks, uncertainties and assumptions described under
"Financial Instruments" and "Risk and Uncertainties" in Comet
Lithium's Annual Report for the fiscal year ended December 31, 2022, a copy of which is available
on SEDAR+ at www.sedarplus.ca, and could cause actual events or
results to differ materially from those projected in any
forward-looking statements. Comet Lithium does not intend, nor does
it undertake any obligation, to update or revise any
forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
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 the release.
SOURCE Comet Lithium Corp.