TORONTO, Oct. 18, 2017 /CNW/ - LSC Lithium
Corporation ("LSC" or together with its subsidiaries, the
"Corporation") (TSXV:LSC) is pleased to announce that it has
obtained an extension from the TSX Venture Exchange to complete its
previously announced private placement of common shares. LSC
anticipates closing the final tranche of its C$20 million private placement on or before
October 27, 2017.
To date, the Corporation has completed non-brokered tranches
consisting of a total of 15,031,350 common shares for aggregate
gross proceeds of approximately C$16.4
million. Since September 15,
2017, the Corporation has completed two additional
non-brokered tranches, pursuant to which 4,335,632 common shares
have been issued for aggregate gross proceeds of approximately
C$4.8 million. The common shares
issued pursuant to each tranche are subject to resale restrictions
under Canadian securities law which will expire on the following
dates:
Date of
Distribution
|
Number of
Shares
|
Date of Expiry of
Resale Restrictions
|
September 29,
2017
|
3,735,632
|
January 30,
2018
|
October 13,
2017
|
600,000
|
February 14,
2018
|
The Corporation also announces that the Board of Directors of
the Corporation granted 2,475,000 options to purchase common shares
to certain officers, employees and consultants, at an exercise
price of C$1.30, for a term of five
years, pursuant to the Corporation's incentive stock option plan.
The new stock option grants that have been made to new employees
and officers are part of the Corporation's overall annual
compensation package. The Corporation's incentive stock option plan
allows for the issuance of up to 10% of issued and outstanding
share capital in the form of incentive stock options. As a result
of this grant, the Corporation has 12,875,000 stock options issued,
representing 9.77% of the issued and outstanding share capital.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information. These statements relate to future
events or future performance, including statements regarding the
private placement and its completion. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on LSC's current belief
or assumptions as to the outcome and timing of such future events.
Whether actual results and developments will conform with LSC's
expectations is subject to a number of risks and uncertainties
including factors underlying management's assumptions, including
risks related to completion of the private placement. Actual future
results may differ materially. The forward-looking information
contained in this release is made as of the date hereof and LSC is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein. For more information see the
Corporation's filing statement on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange Inc. 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.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this press release.
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 unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
SOURCE LSC Lithium Corporation