LSC Lithium Announces Rights Offering Closing
02 October 2018 - 11:32PM
LSC Lithium Corporation (“
LSC” or together with
its subsidiaries, the “
Company”) (TSXV:LSC) is
pleased to announce the closing of its rights offering (the
“
Rights Offering”) announced on August 16, 2018. A
total of 19,816,847 rights were subscribed for gross proceeds of
$7,926,738.80.
Ian Stalker, President and CEO, stated, “We are
pleased with the outcome of the Rights Offering which has exceeded
our expectations, raising well over the minimum offering of C$5.2
million. The proceeds of the Rights Offering will allow LSC to
continue to progress its Pozuelos-Pastos Grande Project (the
completion of the PEA is expected this quarter), and to continue to
work on its other lithium assets in Argentina. We express our
thanks to all of the shareholders who participated.”
The net proceeds will be used by the Company to
support ongoing development activities at the Company’s three major
projects, the Pozuelos-Pastos Grandes Project (the “PPG
Project”), the Rio Grande Project and the Salinas Grandes
Project as well as for general working capital purposes. In
particular, a comprehensive development and engineering program on
the PPG Project is currently underway in support of completing a
Preliminary Economic Assessment by the end of Q4 2018.
LSC offered each shareholder resident in Canada
and eligible holders in the US and other jurisdictions 0.16142 of
one right (each whole right, a “Right”) for each
Share held on August 27, 2018, entitling the holder to purchase one
unit of the Company (“Unit”) for each Right at a
price of C$0.40 per Unit. Each Unit is comprised of one Share and
one-half of one Share purchase warrant
(“Warrant”). Each whole Warrant entitles the
holder to purchase one Share at a price of C$0.55 for a period of
18 months from closing of the Rights Offering.
As previously announced, BMC Global Limited
(“BMC”) and Regent Mercantile Holdings Limited
(“Regent”) entered into standby purchase
agreements with LSC, pursuant to which they each agreed to purchase
up to $2.6 million in Units. In connection with such agreements,
BMC and Regent acquired 3,698,128 and 678,856 Units, respectively,
pursuant to their basic subscription privileges, and 2,801,872
Units and 4,550,149 Units, respectively, pursuant to their
additional subscription privileges.
Following completion of the Rights Offering,
there are now 162,220,821 common shares issued and outstanding.
ABOUT LSC LITHIUM
CORPORATION:
LSC Lithium has amassed a large portfolio of
prospective lithium rich salars and is focused on developing its
material projects: Pozuelos and Pastos Grandes Project, Rio Grande
Project and Salinas Grandes Project. All LSC tenements are located
in the “Lithium Triangle,” an area at the intersection of
Argentina, Bolivia, and Chile where the world’s most abundant
lithium brine deposits are found. LSC Lithium has a land package
portfolio totaling approximately 300,000 hectares, which represents
extensive lithium prospective salar holdings in Argentina.
For further information please
contact: LSC Lithium Corporation Ian Stalker, President
& Chief Executive Officer40 University Avenue, Suite
605Toronto, ON Canada M5J 1T1+416 306 8380Email:
info@lsclithium.comWeb: lsclithium.com
Forward-Looking Statements or
Information
Certain statements contained in this news
release constitute forward-looking information under applicable
securities law. These statements relate to future events or future
performance, including statements as to: the use of proceeds of the
Rights Offering and the completion of the Company’s corporate
objectives, including the completion of a preliminary economic
assessment. The use of any of the words “could”, “anticipate”,
“intend”, “expect”, “believe”, “will”, “projected”, “estimated” and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on LSC's current belief or assumptions as
to the outcome and timing of such future events. Whether actual
results and developments will conform with LSC's expectations is
subject to a number of risks and uncertainties including factors
underlying management's assumptions, such as risks related to: the
timely receipt of any required regulatory approvals; title,
permitting and regulatory risks; exploration and the establishment
of any resources or reserves on the LSC properties; volatility in
lithium prices and the market for lithium; currency, exchange and
interest rate fluctuations; volatility in LSC’s share price; the
requirement for significant additional funds for development that
may not be available; timing and outcome of the strategic review
process; changes in national and local government legislation,
including permitting and licensing regimes and taxation policies
and the enforcement thereof; regulatory, political or economic
developments in Argentina or elsewhere; litigation; title, permit
or license disputes related to interests on any of the properties
in which the Company holds an interest; excessive cost escalation
as well as development, permitting, infrastructure, operating or
technical difficulties on any of the Company's properties; risks
and hazards associated with the business of development and mining
on any of the Company's properties. Actual future results may
differ materially. The forward-looking information contained in
this release is made as of the date hereof and LSC is not obligated
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein. For more information, see the
Company's filing statement on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange Inc. 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.
The TSX Venture Exchange Inc. has neither
approved nor disapproved the contents of this press
release.
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