Infinite Closes Second and Final Tranche of Non-Flow Through Financing Plus Additional Non-Flow Through Financing Arranged
VANCOUVER, January 15, 2020 - Infinite Lithium Corp. ("ILI" or the "Company") (TSX:V:ILI) (OTCQB:ARXRF) is pleased to announce that further to its press releases dated December 16th, 2019 and December 31st, 2019 the Company has closed the second and final tranche of its fully subscribed non-brokered, non-flow through private placement. The total raised in tranche two issuing 2,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $100,000.00. The aggregate total raised of the two tranches issuing 10,000,000 units at a price of $0.05 per Unit for aggregate gross proceeds of $500,000.
Each Unit is comprised of one common share (a "Share") and one half of one transferable Share purchase warrant (a "Warrant") of the Company. Each full Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a 24 month period after the Closing Date.
For the two tranches finders' fees of $20,620.00 and 412,400 finder's warrants were paid to arm's length parties. Finder's warrants entitle the Finder to purchase one common share in the Company at a price of $0.10 for a period of 24 months from the date of closing.
The shares and warrants comprising the units in tranche two are subject to a 4 month hold period expiring May 15th, 2020.
The Company further announces it has arranged a non-brokered private placement of up to 8.4 million units ("Units") at a price of $0.06 per Unit for aggregate gross proceeds of $504,000.00 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one-half of one transferable Share purchase warrant of the Company ("Warrant"). Each full Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.10 per share.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral exploration projects globally for the benefit of its shareholders.
ON BEHALF OF THE BOARD
John Masters, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Toll Free: 1-888-945-4770
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.
SOURCE: Infinite Lithium Corp.
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