October 04, 2024 8:30 AM EDT | Source: Weekapaug Lithium Limited
Toronto, Ontario–(Newsfile Corp. – October 4, 2024) – Weekapaug Lithium Ltd. (CSE: GRUV), a Canadian mineral exploration company focused on exploration and development, is pleased to announce the successful closure of its non-brokered private placement financing, known as the LIFE Offering, in accordance with the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (NI 45-106), resulting in gross proceeds of $700,000. The Company issued a total of 23,333,333 Units at a price of $0.03 per Unit.
Each Unit comprised of one Common Share and one-half of one Common Share purchase warrant (Warrant). Each Warrant allows the holder to acquire one additional Common Share at an exercise price of $0.05 within a 12-month period.
The net proceeds from the LIFE Offering will be utilized by the Company for property development, general working capital purposes, and repayment of certain debts, subject to compliance with the policies of the CSE.
In relation to the LIFE Offering, the Company paid a total of $12,160 and issued 405,333 non-transferrable Finder’s Units to eligible finders. Each Finder’s Unit entitles the holder to purchase one Unit at an exercise price of $0.03 within a 12-month period.
The securities issued through the LIFE Offering are exempt from any statutory hold period as per Part 5A of NI 45-106 and applicable Canadian securities laws. It is important to note that these securities have not been registered under the U.S. Securities Act or any state securities laws, therefore, they cannot be offered or sold in the United States or to U.S. persons without proper registration or exemptions.
Weekapaug Lithium is dedicated to exploring and developing its Nakina Lithium and Firstbrook Hydrogen properties located in Northern Ontario, Canada.
On Behalf of the Board of Directors
“Marc Branson”
Chief Executive Officer and Director
Forward-Looking Information and Cautionary Statements
Any forward-looking statements made in this press release are based on the beliefs, estimates, expectations, and opinions of management at the time the statements are made. The Company does not commit to updating forward-looking statements except as required by applicable securities laws.
Investors should exercise caution when relying on forward-looking statements, as actual results may vary due to inherent risks and uncertainties. Factors that could impact actual results include changes in economic, business, and political conditions, regulatory changes, currency fluctuations, and others as outlined in the Company’s filing statement dated February 10, 2023.
Source Version of this Press Release
