E3 Lithium Closes Fully Oversubscribed Financing for a Total of C$23 Million
- Successful completion of public offering provides E3 Lithium with funds to continue Clearwater project development through 2024 without further financing
- Proceeds also enable progress in commercial development activities and potential strategic M&A
- None.
Not for Distribution to United States News Wire Services or for Dissemination in
“The proceeds from this financing will provide E3 Lithium with the balance sheet to pursue the continuation of our
Details of the Offering
The Offering was led by Eight Capital and included Echelon Wealth Partners Inc. (“Echelon”) (collectively, the “Underwriters”). Pursuant to the underwriting agreement, the Underwriters received a cash commission of
Use of Proceeds
As referenced in the Prospectus Supplement filed on September 20, 2023, the estimated expenditures heading into 2024 is approximately
A summary of the use of proceeds is outlined below:
Expected Expenditure |
Estimated Amount to be Expended |
|
Pre-Feasibility Study |
|
|
Lithium Extraction Field Pilot |
|
|
Lithium Processing |
|
|
Reservoir Development |
|
|
DLE Commercialization and Development |
|
|
2024 Feasibility Study |
|
|
General working capital |
|
|
Total |
|
The Prospectus Supplement dated September 20, 2023, is available under the Company’s SEDAR+ profile at www.sedarplus.ca. The Offering is subject to final acceptance of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
About E3 Lithium
E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources1 in
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is amended Sept 17, 2021. The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District Project, effective March 21, 2023, identified 16.0Mt LCE (Measured & Indicated). All reports are available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. In particular, this news release contains forward-looking information pertaining to the Offering and the proposed use of proceeds therefrom. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company’s brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, delays in obtaining required regulatory approvals and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the Company will receive final approval from the TSX Venture Exchange in respect of the Offering; and general business and economic conditions will not change in a materially adverse manner. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Neither the 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.
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E3 Lithium - Investor and Media Relations
Greg Foofat
Manager, Investor Relations
investor@e3lithium.ca
587-324-2775
Source: E3 LITHIUM LTD.