Mining
Friday, November 17th, 2023 2:21 pm EDT
Key Points
Private Placement Details:
- Beyond Lithium Inc. has successfully completed a non-brokered private placement of 3,118,333 units at a price of $0.30 per unit.
- Each unit consists of one common share and a one-half common share purchase warrant.
- The aggregate gross proceeds from the offering amount to $935,500.
Use of Proceeds:
- The company intends to allocate the net proceeds for payments under existing mineral property option agreements and for general corporate and working capital purposes.
- This suggests that the funds raised will be used to advance the company’s exploration projects and support its ongoing operations.
Company Outlook and Exploration Update:
- Allan Frame, President & CEO of Beyond Lithium, mentions the strong demand for the private placement, emphasizing the quality of the company’s lithium assets in Ontario.
- The article mentions the ongoing 2023 exploration campaign, with assay results pending from numerous samples. These results will guide future drill campaigns and exploration activities at specific projects like Victory, Ear Falls, and Cosgrave.
- The company is optimistic about the upcoming drill campaign at the Victory and Ear Falls spodumene projects and anticipates insights into the next steps for exploration at Cosgrave based on the assay results.
Beyond Lithium Inc. (CSE: BY) (OTCQB: BYDMF) (the “Company” or “Beyond Lithium“) is pleased to announce the completion of an oversubscribed, non-brokered private placement of 3,118,333 units of the Company (the “Units“) at a price of $0.30 per Unit for aggregate gross proceeds of $935,500 (the “Offering“). Each Unit consists of one common share in the capital of the Company (a “Share“) and a one-half common share purchase warrant (a “Warrant“). Each full Warrant entitles the holder to purchase one additional Share in the capital of the Company at a price of $0.45 per Share for a period of 24 months from the closing date, subject to customary adjustment and acceleration provisions in certain circumstances. The Warrants are subject to a provision that if the volume weighted average trading price of the common shares of the Company on the Canadian Securities Exchange (the “Exchange“) equals or exceeds $0.70 over any period of ten consecutive trading days, the Company will be entitled to accelerate the expiry date of the Warrants to the date which is twenty days following the date notice of such acceleration is delivered to holders of the Warrants.
“The strong demand for our private placement in a what some would describe as a challenging financing market for exploration companies further highlights the quality of our lithium assets in Ontario and the success of our 2023 exploration campaign to date,” said Allan Frame, President & CEO of Beyond Lithium. “We are awaiting assay results from over 500 rock and channel samples and 240 drill core samples, 70% of which come from our Victory, Ear Falls and Cosgrave projects. These results, expected shortly, will help guide our upcoming drill campaign at our Victory and Ear Falls spodumene projects. They will also give us an indication of the next steps on exploration at Cosgrave.”
The Company intends to allocate the net proceeds for payments under existing mineral property option agreements and for general corporate and working capital purposes.
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 $23,908.50, representing 7% of the proceeds raised from subscribers introduced to the Company by such Finders; and (ii) an aggregate of 79,695 non-transferable broker warrants (the “Broker Warrants“), representing 7% of the number of Units sold to such subscribers, each exercisable to acquire one common share of the Company for 24 months from the date of issuance at exercise price of $0.30 per share, subject to adjustment and acceleration provisions in certain circumstances.
The securities issued pursuant to the Offering will be subject to a four-month hold period 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.
About Beyond Lithium Inc.
Beyond Lithium Inc. is the largest greenfield lithium exploration player in Ontario with 63 high potential greenfield lithium properties totalling over 195,000 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.
Please follow @BeyondLithium on Twitter, Facebook, LinkedIn, Instagram and YouTube.
For more information, please refer to the Company’s website at www.BeyondLithium.ca
