LithiumBank Resources
Corp. (
TSX-V: LBNK)
(the “
Company” or “
LithiumBank”)
is pleased to announce it has increased its previously announced
(see news release dated October 10th, 2023) non-brokered private
placement (the “
Offering”) of up to 2,000,000
units (“
Units”) at a price of $1.00 per Unit to up
to 3,000,000 Units, for aggregate gross proceeds of $3,000,000.
The net proceeds of the Offering will expand the
company’s treasury to more than $9M that it will use to expedite
further advancement of its portfolio of district scale direct brine
lithium assets in Western Canada. LithiumBank intends to complete
drilling and sampling to upgrade resources, as well as to conduct
pilot plant testing to determine key performance indicators at its
Boardwalk and Park Place Projects. Directors, officers, and
consultants of the company are expected to purchase in excess of
$1.2M of the Units subscribed for in the Offering.
The securities offered pursuant to the Offering
will be subject to a statutory hold period of four months and a day
from the date of issuance. The Offering is subject to certain
conditions including, but not limited to, receipt of all necessary
approvals including the approval of the TSXV.
Each Unit will consist of one common share in
the capital of the Company (a "Common Share") and
one-half of one Common Share purchase warrant (each whole warrant,
a “Warrant”). Each Warrant will entitle the holder
thereof to purchase one Common Share at a price of $1.50 per Common
Share for a period of 24 months from the date of issuance, subject
to the policies of the TSX Venture Exchange
(“TSXV”).
The Company expects to pay the following
finders’ fees to certain eligible finders in connection with the
Offering: (i) a cash commission of 6.0% of the gross proceeds
raised under the Offering from investors introduced to the Company
by the applicable finder; and (ii) such number of non-transferable
common share purchase warrants of the Company equal to 6.0% of the
Units sold under the Offering from investors introduced to the
Company by the applicable finder.
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 (as defined in the U.S. Securities Act)
unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is
available.
The Units issued under the Offering will be
issued to insiders of the Company and such participation is
considered to be a "related party transaction" as defined under
Multilateral Instrument 61-101 ("MI 61-101”). The
Company will rely on the exemptions from the valuation and minority
shareholder approval requirements of MI 61-101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such
insider participation.
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
About LithiumBank Resources
Corp.
LithiumBank Resources Corp. (TSX-V: LBNK)
(OTCQX: LBNKF), is a publicly traded North American lithium company
that is focused on developing its two flagship projects, Boardwalk
and Park Place, in Western Canada. The Company holds 2,480,196
acres of brown-field lithium brine permits, across 3 districts in
Alberta and Saskatchewan. In May 2023, LithiumBank completed
an initial robust preliminary economic assessment of its Boardwalk
project that targets a 31,350 TPA operation with a pre-tax USD
$2.7B NPV and a 21.6% IRR with the potential for a number of
near-term enhancements. The Company will continue to advance its
assets through detailed geological modelling, advanced engineering,
and pilot plant testing with its direct lithium extraction
technology exclusively licensed in Alberta and Saskatchewan for the
purposes of primary lithium production.
For more information see the Company’s Boardwalk
Lithium Brine Project Preliminary Economic Assessment Technical
Report entitled “Preliminary Economic Assessment (PEA) for
LithiumBank Resources Boardwalk Lithium-Brine Project in West-
Central Alberta, Canada” effectively dated June 16, 2023 filed
on SEDAR+ (www.sedarplus.ca) on June 23, 2023 and on the
Company’s website (www.lithiumbank.ca).
A PEA is preliminary in nature as it includes a
portion of inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessment will be realized.
The PEA Technical Report was prepared by the
following Qualified Persons; Roy Eccles, P. Geol. of APEX
Geoscience Ltd., Kim Mohler, P. Eng., of GLJ Ltd., Gordon
MacMillan, P. Geol. of Fluid Domains, Jim Touw, P. Geol. of HCL
Ltd., Frederick Scott, P. Eng., of Scott Energy, Egon Linton, P.
Eng., of Hatch Ltd., Evan Jones, P. Eng., of Hatch Ltd., Stefan
Hlouschko, P. Eng., of Hatch Ltd.
The scientific and technical disclosure in this
news release has been reviewed and approved by Mr. Kevin Piepgrass
(Chief Operations Officer, LithiumBank Resources Corp.), who is a
Member of the Association of Professional Engineers and
Geoscientists of Alberta (APEGA) and the Association of
Professional Engineers and Geoscientists of the Province of British
Columbia (APEGBC) and is a Qualified Person (QP) for the purposes
of National Instrument 43-101. Mr. Piepgrass consents to the
inclusion of the data in the form and context in which it
appears.
Mineral resources are not mineral reserves and
do not have demonstrated economic viability. There is no guarantee
that all or any part of the mineral resource will be converted into
a mineral reserve. The estimate of mineral resources may be
materially affected by geology, environment, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues. A preliminary economic assessment is preliminary in nature
as it includes a portion of inferred mineral resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary economic assessment will be realized.
Contact: Rob ShewchukCo-Founder, CEO &
Directorrob@lithiumbank.ca(778) 987-9767
Cautionary Statement Regarding Forward Looking
Statements
This press release includes certain statements
and information that may constitute forward-looking information
within the meaning of applicable Canadian securities laws. All
statements in this news release, other than statements of
historical facts, including statements regarding future estimates,
plans, objectives, timing, assumptions or expectations of future
performance, including without limitation, statements regarding the
completion of the Offering and the timing thereof, and the
anticipated use of proceeds of the Offering are forward-looking
statements and contain forward-looking information. Generally,
forward-looking statements and information can be identified by the
use of forward-looking terminology such as “intends” or
“anticipates,” or variations of such words and phrases or
statements that certain actions, events or results “may,” “could,”
“should” or “would” or occur. Forward-looking statements are based
on certain material assumptions and analyses made by the Company
and the opinions and estimates of management as of the date of this
press release, including, but not limited to, that the Company will
complete the Offering on the terms disclosed, that the Company will
receive all necessary regulatory approvals for the Offering, that
the Company will use the proceeds of the Offering as currently
anticipated, including to expedite the further advancement of its
portfolio of district scale direct brine lithium assets in Western
Canada, that the Company will complete drilling and sampling to
upgrade its resources, that the Company will conduct pilot plant
testing to determine key performance indicators at its Boardwalk
and Park Place Projects; and assumptions relating to the state of
the financial markets for the Company’s securities. These
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements or forward-looking information.
Important factors that may cause actual results to vary, include,
without limitation, that the Company may not be able to raise funds
under the Offering, as currently anticipated, that the Company may
fail to receive any required regulatory approvals for the Offering,
that the Company will not use the proceeds of the Offering as
anticipated, market volatility, unanticipated costs, changes in
applicable regulations, and changes in the Company’s business
plans. Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and
forward-looking information. Readers are cautioned that reliance on
such information may not be appropriate for other purposes. The
Company does not undertake to update any forward-looking statement,
forward-looking information or financial out-look that are
incorporated by reference herein, except in accordance with
applicable securities laws.
LithiumBank Resources (TSXV:LBNK)
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