Mining
Thursday, August 29th, 2024 3:00 pm EDT
Key Points
- Private Placement Details: Discovery Lithium Inc. plans to raise up to $1.35 million through a non-brokered private placement of up to 18 million units, each consisting of one common share and one warrant. The warrants are exercisable at 10 cents per share for 24 months from issuance. This replaces the previous offering announced on July 19, 2024.
- Use of Proceeds and Conditions: The funds from the offering are intended for general corporate purposes and working capital. The offering’s completion is contingent on receiving necessary regulatory approvals, and there may be finder’s fees. All securities issued will be subject to a statutory hold period of four months and one day.
- Company Overview: Discovery Lithium Inc. is a Canadian exploration company focused on mineral resource projects in North America. It holds extensive mineral claims in Quebec and Ontario and is also advancing projects in Nevada and British Columbia.
Discovery Lithium Inc. intends to complete a non-brokered private placement of up to 18 million units of the company at a price of 7.5 cents per unit for gross proceeds of up to $1.35-million. Each unit will comprise one common share of the company and one share purchase warrant, with each warrant exercisable to acquire one common share of the company at a price of 10 cents per share for a period of 24 months from the date of issuance. In connection with the launch of the offering, the company advises that it will no longer proceed with the offering contemplated by the company’s announcement of July 19, 2024.
The gross proceeds from the offering are expected to be used for general corporate purposes and working capital. The closing of the offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals. The company may pay finder’s fees in connection with the offering. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day pursuant to applicable securities law.
About Discovery Lithium Inc.
Discovery Lithium is a Canadian exploration company focused on advancing mineral resource projects in North America. The company holds a 100-per-cent interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of approximately 164,283 hectares (approximately 405,952 acres) located in the Nunavik region of northern Quebec, and with a further total of 303 mineral claims comprising approximately 16,392 hectares (approximately 40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties located across the northern and eastern regions of Quebec, including the prolific lithium district of the James Bay region. The company has entered into an agreement to acquire a 100-per-cent interest in the Eagle Lake claims and the Whitefish Lake claims, respectively, comprising 2,923 mineral claims covering approximately 61,093 hectares (approximately 150,964 acres) in Northwestern Ontario. Additionally, the company is actively advancing its ESN project for gold exploration in Nevada and evaluating the Koster Dam project in central British Columbia through a joint venture with Cariboo Rose Resources.
