First Lithium Minerals Corp - Flow-Through Financing
First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) has announced its intention to complete a flow-through financing for gross proceeds of $40,000.
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Rhea-AI Summary
First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) has announced its intention to complete a flow-through financing for gross proceeds of $40,000. The company will issue 266,667 flow-through shares at an issue price of $0.15 per share. These shares will qualify as 'flow-through shares' under the Income Tax Act (Canada).
The proceeds will be used to incur eligible 'Canadian exploration expenses' that qualify as 'flow-through critical mineral mining expenditures' related to the Company's Lidstone exploration project in the Thunder Bay Mining Division of northwestern Ontario. These expenditures will be renounced in favor of subscribers with an effective date no later than December 31, 2024. All securities issued will be subject to a four-month and one-day hold period from the closing date.
Positive
- Raising $40,000 in gross proceeds through flow-through financing
- Funds to be used for eligible Canadian exploration expenses at the Lidstone project
- Tax benefits for investors through flow-through shares
Negative
- Small financing amount of only $40,000
- Potential dilution of existing shareholders due to issuance of new shares
Details
News Market Reaction – FLMCF
The recorded move for FLMCF in the trading session of this news was +84.11%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - September 30, 2024) - First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) ("First Lithium Minerals" or the "Company") announces that it intends to complete a flow-through financing for gross proceeds of
The Flow-Through Shares will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). The gross proceeds from the offering will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" (as both terms are defined in the Income Tax Act (Canada)) (the "Qualifying Expenditures") related to the Company's Lidstone exploration project located in the Thunder Bay Mining Division of northwestern Ontario. The Qualifying Expenditures will be renounced in favour of the subscribers with an effective date no later than December 31, 2024 and in the aggregate amount of not less than the total amount of the gross proceeds raised from the offering.
All securities issued under the offering will be subject to a hold period expiring four months and one day from the date of the closing.
About First Lithium Minerals
First Lithium Minerals is a Canadian mineral exploration and development company. The Company is currently focusing on exploring for alkali metals at its
Additional information about the Company is available on the Company's website: www.firstlithium.ca
For further information please contact:
First Lithium Minerals Corp.
77 King St. W Suite 3000
Toronto, ON M5K 1G8
Tel: 416-402-2428 Email: rob@firstlithium.ca
Rob Saltsman, CEO and Director
Caution Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. Any such forward-looking information may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans", and similar expressions. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: prospecting and exploration activities, geophysical and geochemical surveys, its results and interpretation, studies and interpretations of historical exploration and geological information, drill target definition, permitting, licences, environmental laws and regulations, changes in government regulations and laws, obtaining social licence to explore and operate, community engagements, timing of exploration activities, the discovery and delineation of mineral deposits/resources/reserves, general business, economic, competitive, reliance on third parties, the actual results of operations, and other risks of the resources industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any obligation to update or revise any forward-looking statements information, except in accordance with applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225158
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