Mining
Monday, May 27th, 2024 2:08 pm EDT
Key Points
- Completion of Private Placement: Beyond Lithium Inc. completed a non-brokered private placement of 2.5 million flow-through common shares at $0.20 per share, raising $500,000 for eligible Canadian exploration expenses in Ontario.
- Exploration and Strategic Goals for 2024: The funds will be used to advance exploration projects, including the Victory, Ear Falls, Cosgrave Lake, and Wisa Lake projects, with aims to uncover and test new spodumene mineralizations and advance other projects through low-cost prospecting and joint ventures.
- Permits and Future Plans: The company has received an exploration permit for the Victory Project and is awaiting a permit for the Ear Falls Project, with plans to start mechanical stripping and diamond drilling after detailed mapping and sampling.
Winnipeg, Manitoba–(Newsfile Corp. – May 27, 2024) – Beyond Lithium Inc. (CSE: BY) (OTCQB: BYDMF) (the “Company” or “Beyond Lithium”), today announced the completion of a non-brokered private placement of 2.5 million common shares in the capital of the Company that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “Flow-Through Shares”) at a price of $0.20 per share for aggregate gross proceeds of $500,000 (the “Offering”).
The gross proceeds from the Offering will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through critical mineral mining expenditures” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Company’s projects in Ontario. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2024.
Allan Frame, President and CEO of Beyond Lithium, commented, “The financing completed today will allow us to ramp up our 2024 exploration activities, generate results to be shared with investor, all while managing dilution for the benefit of all shareholders. The main strategic goals for 2024 remain to (i) uncover additional spodumene mineralization at the Victory Spodumene Project and the Ear Falls Spodumene Project along their well-defined exploration corridors, (ii) to discover new spodumene-bearing pegmatites at Cosgrave Lake and Wisa Lake, (iii) drill test the spodumene mineralized corridors at Victory and Ear Falls to demonstrate the size and the potential of the system along strike and at depth, and (iv) advance the other projects through low cost prospecting and continue to pursue joint venture or option deals for them.”
In the 2023 season, Beyond Lithium started off with a total of 63 projects and each field team generally spent a week to two weeks per project collecting representative samples to establish a geological and geochemical baseline for each project. As Beyond Lithium recently announced, the Company reviewed the 2023 field data over the last few months and has finalized the Lithium Exploration Portfolio in Ontario for the 2024 exploration program including four primary projects (Table 1) and an additional 23 prospective projects (Table 2).
Lawrence Tsang, VP Exploration of Beyond Lithium, stated: “Our geologist team led by Senior Project Geologist, Paul Baxter, is focusing Beyond Lithium’s initial exploration efforts at the Victory Project and then will move on to the Ear Falls and Cosgrave Projects in mid June. The first part of the 2024 exploration program is to prioritize stripping targets and to delineate potential drilling targets on those properties through detailed mapping and sampling along the mineralized structural corridor and follow up on the elevated lithium and cesium targets delineated from the 2023 exploration results.”
He added: “In December 2023, Beyond Lithium submitted the exploration permit application for the Victory and Ear Falls Spodumene Projects to apply for multi-locations for mechanical stripping and diamond drilling activities. After consultation with the Ministry of Mines and Aboriginal communities, the Ontario Ministry of Mines has issued Beyond with the Exploration Permit for the Victory Project. This issuance of the Victory’s Exploration Permit will allow us to start planning for stripping targets after the detailed mapping and sampling program. The Ear Falls’s Exploration Permit application is still under review. We will continue to engage and to consult with the Ministry and Aboriginal communities through the process.”
Figure 1. Ear Falls 2024 Exploration Targets (dotted red circle) – Elevated Lithium (>0.1% Li2O) Pegmatites Zone with elevated cesium background that is comparable with the Identified Spodumene-bearing Wenasaga North Zone along the 13km Long Structural Corridor
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/210659_9e31713a54884bbb_004full.jpg
Figure 2. Wisa Project 2024 Exploration Targets (dotted red circle) – Elevated Lithium and Cesium Pegmatite Zone Targets Coincide with Regional Pegmatite Trends
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/210659_9e31713a54884bbb_005full.jpg
Figure 3. Victory Project 2024 Exploration Targets (dotted red circle) – Spodumene-bearing Bounty Gold and Last Resort Pegmatites Located within an 8km Long Structural Corridor with numerous Ontario Geological Survey Mapped Pegmatites yet to be prospected for lithium mineralization.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/210659_9e31713a54884bbb_006full.jpg
Figure 4 Cosgrave Lake Project 2024 Exploration Targets (dotted red circle) -Elevated lithium-bearing pegmatite swarms located in the higher fractionated zone of the AG Pluton striking subparallel with the regional sub provincial boundary.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/210659_9e31713a54884bbb_007full.jpg
| Name | Area (ha) |
| Victory Spodumene | 16,682 |
| Ear Falls Spodumene | 20,623 |
| Cosgrave Lake | 8,993 |
| Wisa | 6,666 |
Table 1. Beyond Priority Project List
Table 2. List of the additional projects in Ontario
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/210659_9e31713a54884bbb_008full.jpg
In connection with the Offering, the Company paid certain eligible third parties dealing at arm’s length with the Company (the “Finders”): (i) cash commissions totalling $35,000, representing 7.0% of the proceeds raised from subscribers introduced to the Company by such Finders; and (ii) an aggregate of 175,000 non-transferable broker warrants (the “Broker Warrants”), representing 7.0% of the number of Flow-Through Shares sold to such subscribers, each exercisable to acquire one common share of the Company for two years from the date of issuance at exercise price of $0.20 per share.
All securities issued under the Offering are subject to a hold period of four months and one day from their date of issuance.
The offered securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Qualified Person and Third-Party Data
The scientific and technical information in this news release has been reviewed and approved by Lawrence Tsang, P.Geo., VP Exploration of the Company. Lawrence Tsang is a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Beyond Lithium Inc.
Beyond Lithium Inc. has a large greenfield lithium exploration portfolio in Ontario with 27 high potential greenfield lithium properties totalling over 119,000 hectares. The Company has adopted the project generator business model to maximize funds available for exploration projects, while minimizing shareholder dilution. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners. Partnering on various projects will provide a source of non-dilutive working capital, partner-funded exploration, and long-term residual exposure to exploration success.
Beyond Lithium currently has 33,874,482 common shares outstanding.
Please follow @BeyondLithium on Twitter, Facebook, LinkedIn, Instagram and YouTube.
For more information, please refer to the Company’s website at www.beyondLithium.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company’s projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company’s projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company’s properties, the availability of financing on suitable terms, and the Company’s ability to comply with environmental, health and safety laws.
Forward-Looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the proposed expenditures for exploration work on its properties, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated February 23, 2022 and other filings of the Company with the Canadian securities regulatory authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release except as otherwise required by law.
For further information, please contact:
Allan Frame
President and CEO
Tel: 403-470-8450
Email: allan.frame@beyondLithium.ca
Jason Frame
Manager of Communications
Tel: 587-225-2599
Email: jason.frame@beyondLithium.ca
