VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 2, 2016) - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX VENTURE:AAL), is pleased to announce it has received conditional approval, from the TSX.V Venture Exchange ("TSX.V"), to close the financing announced June 20th. The Company has received subscription agreements for 16 million shares to raise $4.0 million. Final approval is expected in conjunction with TSX approval of the farm-in agreement with Nevada Sunrise.
The working capital from this financing will allow the Company to fund anticipated corporate overheads, initial acquisition costs, tenure payments and all initial work programs for the lithium brine projects in Nevada, including:
- Clayton NE, adjacent to Albemarle's Silver Peak mine in the Clayton Valley Basin - N. America's only brine-hosted lithium production.
- Jackson Wash, located in the Lida Valley of Nevada - potential to host reservoir of continental brine-based lithium
- Gemini, located in the Lida Valley Basin - a flat, desert basin with a similar geological setting to the lithium-rich Clayton Valley basin.
David Sidoo, Proposed President and Director, of Advantage Lithium, commented, "We are pleased to have attracted the investors to close out the full financing and raise $ 4 million, this confirms the investors' confidence in our team and strategy. The funds will finance exploration programs on our highly-prospective lithium brine projects in Nevada and we will continue to review additional opportunities. With Tesla's $5 billion Gigafactory now open for business, the timing for Advantage Lithium, and the sector in general, couldn't be better".
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., Technical Advisor to Advantage Lithium Corp., and the Designated Qualified person for the company.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "AAL.H".
ADVANTAGE LITHIUM CORP.
Nick DeMare, Corporate Secretary
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage Lithium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Advantage Lithium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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.