23 October 2024
October 23, 2024 – Vancouver, B.C., Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce a non-brokered private placement consisting of (i) 2,694,895 common shares of the Company that will 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 $5.6575 and (ii) 1,645,000 common shares of the Company (each, a “Hard Dollar Share”) at a price of $3.65 per Hard Dollar Share for aggregate gross proceeds of approximately $21,250,618 (the “Offering”).
A single purchaser (the “Purchaser”) is expected to ultimately purchase all of common shares to be issued under the Offering as a strategic investment (the “Strategic Investment”). The Purchaser currently holds 363,918 common shares of the Company. Upon closing of the Strategic Investment, the Purchaser will own 4,703,813 common shares of the Company, representing 9.99% of the issued and outstanding common shares on a non-diluted basis.
In connection with the Strategic Investment, the Company and the Purchaser will negotiate an investor rights agreement containing customary terms.