Lithium Lion Metals Inc. Announces Closing of Private Placement
Lithium Lion Metals Inc. ("Lithium Lion" or the "Company") (CSE: LLM), is pleased to announce that the Company has completed its non-brokered private placement ("Private Placement") of units ("Units") for gross proceeds of C$590,000 through the sale of 11,800,000 Units at a price of C$0.05 per Unit. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant will be exercisable into one Common Share at a price of C$0.055 per share for two (2) years from the date of issue. As the Private Placement offering exceeds 100 percent of the current issued and outstanding common shares, securityholder approval was obtained pursuant to Canadian Securities Exchange ("CSE") Policy 6.
An Insider of the Company has participated in the foregoing private placement offering which constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The party has contributed $10,000 or approximately 1.69% of the offering. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company's market capitalization.
The proceeds from the Private Placement are going to be used to fund exploration and for general working capital purposes. All securities issued pursuant to the Private Placement are subject to a four month and one day hold period from the date of issue pursuant to National Instrument 45-106 - Prospectus Exemptions. No finder's fees are paid in relation to the Private Placement.
About Lithium Lion Metals Inc.
Lithium Lion Metals Inc. is a mineral exploration company actively involved in exploring the 13N Project which consists of 59 mining claims covering approximately 3,107 hectares located in Bartouille and Ducros townships in Quebec. For more information please visit: www.lithiumlion.ca
ON BEHALF OF THE BOARD OF DIRECTORS
David Beck Interim Chief Executive Officer
Head Office 305-1770 Burrard St. Vancouver, British Columbia, V6J3G7
Telephone +1 (604) 416 0569
Website www.lithiumlion.ca
Email info@lithiumlion.ca
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Forward-Looking Information
Certain information in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Corporation or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this news release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release.
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