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Discovery Lithium Inc. (symbol: DCLIF) is a Canadian exploration company focused on advancing mineral resource projects primarily in North America. The company holds a significant interest in various lithium projects, including Serindac Lake and Vaubert Lake properties in Quebec, and Route De Nord, Lac Belanger, Lac Ferland, and Lac Roberston properties in Quebec. Additionally, Discovery Lithium is actively exploring gold through its ESN Project in Nevada and evaluating the Koster Dam Project in British Columbia in collaboration with Cariboo Rose Resources. The company recently announced a non-brokered private placement offering and entered an agreement to acquire an 80% interest in the West James Bay property portfolio. This strategic acquisition aims to enhance the company's position in the James Bay region of Central Quebec, known for its high-grade spodumene pegmatite deposits.
Discovery Lithium has entered into an Earn-In Option Agreement with Apex Critical Metals and DG Resource Management to acquire an 80% interest in the West James Bay property portfolio in Quebec. This portfolio includes seven lithium projects: Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus, and Bruce Lake. These projects are strategically located in the James Bay region, known for its high-grade lithium spodumene deposits.
The company will issue 5 million shares and incur a minimum expenditure of $1 million within six months to maintain the option. Discovery Lithium's CEO, Michael Gheyle, emphasized the strategic importance of these assets in advancing domestic energy through regional lithium discovery.
Key projects include the Mantle and Bruce Lake projects, located near significant lithium discoveries, and the Cirrus East project, situated close to newly discovered spodumene-bearing pegmatites. The agreement aims to strengthen Discovery Lithium's presence in one of North America's most prospective lithium regions.
Discovery Lithium announces a non-brokered private placement to raise up to $1,000,000 by issuing 6,666,667 units at $0.15 per unit. Each unit includes one common share and one share purchase warrant, exercisable at $0.20 within 24 months. Funds will be used for general corporate purposes and working capital. The offering is contingent on regulatory approvals, and potential finder's fees may apply. Securities will have a statutory hold period of four months and one day.
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