Lift Announces the Closing of Its Strategic $21.3 Million Private Placement
Li-FT Power has successfully closed a strategic $21.3 million private placement, consisting of 2,694,895 flow-through shares at $5.6575 and 1,645,105 hard dollar shares at $3.65 issued to a Strategic Investor. The proceeds will be used to advance the company's Yellowknife Lithium Project in Northwest Territories, with plans to complete a preliminary economic assessment in Q2 2025, and explore the Cali Project and lithium properties in Quebec. The Strategic Investor gains rights to maintain ownership thresholds, participate in equity financings, and potentially nominate a board director if ownership exceeds 10%.
Li-FT Power ha chiuso con successo un collocamento privato strategico di 21,3 milioni di dollari, composto da 2.694.895 azioni flow-through a 5,6575 dollari e 1.645.105 azioni hard dollar a 3,65 dollari emesse a un Investitore Strategico. I proventi saranno utilizzati per far avanzare il progetto di litio di Yellowknife nei Territori del Nord-Ovest, con l'intenzione di completare una valutazione economica preliminare nel secondo trimestre del 2025, e per esplorare il Progetto Cali e le proprietà di litio in Quebec. L'Investitore Strategico acquisisce diritti per mantenere le soglie di proprietà, partecipare a finanziamenti in azioni e potrebbe nominare un direttore del consiglio se la proprietà supera il 10%.
Li-FT Power ha cerrado con éxito un colocación privada estratégica de 21,3 millones de dólares, que consiste en 2.694.895 acciones flow-through a 5,6575 dólares y 1.645.105 acciones en dólares duros a 3,65 dólares emitidas a un Inversor Estratégico. Los ingresos se utilizarán para avanzar en el Proyecto de Litio de Yellowknife en los Territorios del Noroeste, con planes de completar una evaluación económica preliminar en el segundo trimestre de 2025, y explorar el Proyecto Cali y las propiedades de litio en Quebec. El Inversor Estratégico obtiene derechos para mantener umbrales de propiedad, participar en financiamientos de capital, y potencialmente nominar un director del consejo si la propiedad supera el 10%.
Li-FT Power는 전략적
Li-FT Power a réussi à finaliser un placement privé stratégique de 21,3 millions de dollars, composé de 2.694.895 actions à effet de levier à 5,6575 dollars et de 1.645.105 actions ordinaires à 3,65 dollars émises à un Investisseur Stratégique. Les produits serviront à faire avancer le Projet Lithium de Yellowknife dans les Territoires du Nord-Ouest, avec des plans de compléter une évaluation économique préliminaire au deuxième trimestre 2025, et d'explorer le Projet Cali ainsi que des propriétés de lithium au Québec. L'Investisseur Stratégique obtient des droits pour maintenir des seuils de propriété, participer à des financements en actions et potentiellement nommer un directeur du conseil si la propriété dépasse 10 %.
Li-FT Power hat erfolgreich eine strategische Privatplatzierung in Höhe von 21,3 Millionen US-Dollar abgeschlossen, bestehend aus 2.694.895 Flow-Through-Aktien zu einem Preis von 5,6575 Dollar und 1.645.105 Hard-Dollarn-Aktien zu einem Preis von 3,65 Dollar, die an einen strategischen Investor ausgegeben wurden. Die Erlöse werden verwendet, um das Yellowknife Lithium-Projekt in den Nordwest-Territorien voranzutreiben, mit dem Ziel, im 2. Quartal 2025 eine vorläufige Wirtschaftsbewertung abzuschließen und das Cali-Projekt sowie Lithium-Standorte in Quebec zu erkunden. Der strategische Investor erhält das Recht, Eigentumsschwellen aufrechtzuerhalten, an Eigenkapitalfinanzierungen teilzunehmen und möglicherweise einen Vorstandsdirektor zu benennen, wenn das Eigentum 10 % übersteigt.
- Secured substantial funding of $21.3 million through private placement
- Strategic investor participation indicates confidence in company's projects
- Preliminary economic assessment planned for Q2 2025
- Flow-through shares structure provides tax advantages for Canadian exploration
- Share dilution due to new share issuance
- Strategic investor gains significant control rights over company decisions
VANCOUVER, BC / ACCESSWIRE / November 14, 2024 / Li-FT Power Ltd. ("LIFT" or the "Company") (TSXV:LIFT)(OTCQX:LIFFF)(Frankfurt:WS0) has closed its previously announced (see press release dated October 23, 2024) non-brokered private placement consisting of (i) 2,694,895 common shares of the Company that qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (each, a "Flow-Through Share") at a price of
Francis MacDonald, CEO and Director of LIFT, commented, "This is a pivotal moment for our Company, and we are very pleased to welcome the Strategic Investor as a meaningful shareholder of LIFT. We believe this investment supports the work completed to date by our team and the significant potential of our portfolio of hard rock lithium projects in Canada. The proceeds from the Offering will help to further de-risk our Yellowknife Lithium Project in the Northwest Territories for which we plan to complete a preliminary economic assessment in Q2 2025, as well as advance exploration on our Cali Project and our portfolio of highly prospective lithium properties in Quebec."
In connection with the Offering, the Company and the Strategic Investor entered into an investor rights agreement, pursuant to which the Strategic Investor is entitled to certain rights, provided the Strategic Investor maintains certain ownership thresholds in the Company, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest at the time of such financing or issuance or acquire up to a
The gross proceeds from the issue of the Hard Dollar Shares will be used to advance the Company's Canadian assets as well as for general corporate purposes. The gross proceeds from the issue of the Flow-Through Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects located in the Northwest Territories, Canada on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2024.
Canaccord Genuity acted as financial advisor to LIFT in connection with the Offering.
About LIFT
LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company's flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.
For further information, please contact:
Francis MacDonald |
| Daniel Gordon |
Chief Executive Officer |
| Investor Relations |
Tel: + 1.604.609.6185 |
| Tel: +1.604.609.6185 |
Email: investors@li-ft.com |
| Email: investors@li-ft.com |
Website: www.li-ft.com
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements relating to the closing of the Offering, the use of proceeds of the Offering, the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures as well as the approval of the TSXV. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 27, 2024, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
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 news release.
Contact Information
Francis MacDonald
CEO
francis@li-ft.com
1.604.609.6185
Daniel Gordon
Investor Relations Manager
daniel@li-ft.com
1.604.609.6185
SOURCE: Li-FT Power Ltd.
View the original press release on accesswire.com
FAQ
How much did Li-FT Power (LIFFF) raise in its November 2024 private placement?
What is the price per share for Li-FT Power's (LIFFF) flow-through shares in the November 2024 offering?
When will Li-FT Power (LIFFF) complete the preliminary economic assessment for its Yellowknife Lithium Project?
What rights does the Strategic Investor receive in Li-FT Power (LIFFF)?
