TORONTO, Sept. 15, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or the "Company") (TSXV: LSC) is pleased to announce that, further to its August 16, 2017 news release, it has extended the time to complete its private placement offering (the "Offering") of common shares. The TSX Venture Exchange has granted an extension to the deadline for filing final documents to October 16, 2017 at an offering price of CAD$1.10 or USD$0.91 per common share.
To date, the Company has completed three non-brokered tranches of the Offering, pursuant to which 10,695,718 Common Shares have been issued for aggregate gross proceeds of approximately C$11.8 million. The Company anticipates closing further tranches shortly and has already secured a commitment of US$3 million. The tranches of the Offering were completed on each of August 21, 2017, August 31, 2017, and September 11, 2017. The common shares are subject to resale restrictions under Canadian securities law which were distributed and will expire on the following dates:
| Date of Distribution |
Number of Shares |
Date of Expiry of Resale Restrictions |
||
| August 21, 2017 |
4,855,112 |
December 22, 2017 |
||
| August 31, 2017 |
4,077,727 |
January 1, 2018 |
||
| September 11, 2017 |
1,762,879 |
January 12, 2018 |
The Company also announces that the Board of Directors of the Company (the "Board") granted 2,850,000 options to purchase common shares to certain directors and officers, at an exercise price of $1.30, for a term of five years, pursuant to the Company's incentive stock option plan. In considering the option grants, the Board took into account that the directors approved a reduction to independent directors' fees (effective August 19, 2017), previous option grants, and the fact that the Chairman, Wayne Richardson and director, Stephen Dattels, are not paid any director fees. The granting of stock options under the stock option plan is a meaningful part of the Company's annual compensation policy, particularly in such circumstances.
The Company's 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 Company has 10,850,000 stock options issued, representing 8.5% of the issued and outstanding share capital.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its tenements located in five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes and Jama. All LSC tenements are located in the "Lithium Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
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 Offering 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 Offering. 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 Company'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
LSC Lithium Corporation, Jessica Helm, VP, Corporate Communications and Investor Relations, Suite 3001, 1 Adelaide Street East, Toronto, Ontario M5C 2V9, (416) 867 9298, Email: [email protected], Web: lsclithium.com
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