LIBRA LITHIUM CLOSES FINANCING, RAISING GROSS PROCEEDS OF $987,500
TORONTO, Oct. 27, 2023 /CNW/ – Libra Lithium Corp. (“Libra Lithium” or the “Company“), a privately-held, Canadian lithium explorer, is pleased to announce the closing of a non-brokered private placement of 6,099,995 common shares at $0.15 per share and 362,500 “flow-through” common shares at $0.20 per share for gross proceeds of $987,500. No warrants or dilutive instruments were issued. As of today, the Company has 40,518,051 shares issued and outstanding, with zero warrants.
“We would like to thank our investor base for their persistent support. We continue to put our money where our mouth is and are proud to have had insiders contribute over $300,000 towards this latest financing,” said Koby Kushner, CEO of Libra Lithium.
“Since inception, Libra Lithium has raised approximately $1,850,000. We continue to use these funds to generate and explore one of the largest grassroots lithium portfolios in Canada, with over 80,000 ha across the Thunder Bay, Ontario and James Bay, Quebec regions. With prospecting season wrapping up, we look forward to sharing our initial findings from the hundreds of pegmatites sampled over the last few months. Results are expected in the coming weeks,” said Kushner.
About Libra Lithium Corp.
Libra Lithium is focused on advancing and developing a portfolio of grassroots lithium projects in Canada. Libra Lithium’s asset portfolio includes its 100%-owned Flanders North, Flanders South, Burton, Tennant, Battery Hill, Bitchu, Kivinen and Twist lithium projects, as well as an option to earn a 100% interest in the Soules Bay and Caron lithium projects. Together, these projects span approximately 80,000 ha of prospective ground near Ontario’s Thunder Bay Mining District. Libra Lithium also holds a 100% interest in the Nemiscau lithium project in James Bay, Quebec, where several pegmatites, up to 100m wide, have been mapped. The Libra Lithium team comprises a mix of seasoned executives, engineers and geoscientists, with extensive experience in mining and mineral exploration, capital markets, asset management, energy, and First Nations engagement.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, ”will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “outlook”, and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: risks related to credit, market (including equity, commodity, foreign exchange and interest rate), liquidity, operational (including technology and infrastructure), reputational, insurance, strategic, regulatory, legal, environmental, and capital adequacy, and other risks and uncertainties related to the Company’s prospects, properties and business; political and regulatory risks associated with mining and exploration activities and operations; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company’s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
The common shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the U.S., nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
SOURCE Libra Lithium
For further information: Koby Kushner, P.Eng., CFA, CEO & Director, [email protected]