14 November 2024
November 14, 2024 – Vancouver, B.C., 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 $5.6575 and (ii) 1,645,105 common shares of the Company (each, a “Hard Dollar Share”) which were issued to a single purchaser (the “Strategic Investor”) at a price of $3.65 per Hard Dollar Share, for aggregate gross proceeds of approximately $21,251,002 (the “Offering”).
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.”