Advantage Lithium Corp. (the “Corporation” or “Advantage Lithium”) (TSX Venture: AAL) (OTCQX: AVLIF) is pleased to announce that it has arranged a private placement (the “Private Placement“) of 15,585,000 common shares (“Common Shares“) of Advantage Lithium at a price of $0.77 per Common Share for gross proceeds of $12,000,450. The Corporation also reports that subscribers have been identified to fill the placement. Advantage Lithium will use the proceeds from the Private Placement for general working capital and to fund continued development and exploration activities on its Lithium properties in Argentina. The Common Shares issued pursuant to the Private Placement will be subject to a four month hold period from the date of closing.
Advantage Lithium anticipates that insiders of the Corporation, including Orocobre Limited (the “Insider“), will exercise participation rights in order to maintain their existing ownership interest in the Corporation. In connection with the Private Placement, the Insider also intends to arrange for the sale of up to 8,571,450 Common Shares, held by the Insider prior to the closing of the Private Placement, through the facilities of the TSX Venture Exchange Inc. (the “TSXV”) (the “Swap“), and to use 100% of the proceeds from the Swap to participate in the Private Placement. The Swap will allow Advantage Lithium to add key cornerstone institutional investors to the Corporation’s register of shareholders. The Private Placement remains subject to the approval of the TSXV.
President, CEO & Director David Sidoo commented “We are pleased to be adding prominent institutional investors to our shareholder registry and very encouraged to see Orocobre and other insiders supporting their pro-rata equity positions in Advantage.”
Jett Capital Advisors, LLC has been engaged by Advantage Lithium in connection with the Private Placement and, pursuant to the terms of the agency agreement, will be paid a cash commission equal to 6% on a portion of the proceeds of this Private Placement.
ADVANTAGE LITHIUM CORP.
Per: | “David Sidoo” |
David Sidoo, President | |
Tel: 604.343.3760 | |
Fax: 604.683.1585 | |
Email: info@advantagelithium.com | |
About Advantage Lithium Corp.
Advantage Lithium Corp is focused on developing its 75% owned Cauchari lithium project, located in Jujuy, Argentina. The Company also owns 100% interest in three additional lithium exploration properties in Argentina: Antofalla, Incahuasi, and Guayatayoc. The Company is headquartered in Vancouver, British Columbia and trades on the TSX Venture Exchange (TSX-V:AAL) OTCQX Best Market in the U.S. (OTCQX: AVLIF).
Further information about the Company can be found at www.advantagelithium.com.
Cautionary Statement:
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “is expected”, “intends”, or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage that involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither TSX Venture Exchange 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.
SOURCE Advantage Lithium Corp
For further information: David Sidoo, President, Tel: 604.343.3760 | Fax: 604.683.1585, Email: info@advantagelithium.com