VANCOUVER, BC / ACCESSWIRE / January 24, 2020 / Infinite Lithium Corp. ("ILI" or the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce that further to its press releases dated January 15, 2020 and January 20, 2020 the Company has closed its non-brokered private placement. The total raised issuing 15,211,333 units (the "Units") at a price of $0.06 per Unit for aggregate gross proceeds of $912,679,98.
Each Unit is comprised of one common share (a "Share") and one half of one transferable Share purchase warrant (a "Warrant") of the Company. Each full Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a 24 month period after the Closing Date.
Finders' fees of $37,740.80 and 609,680 finder's warrants were paid to arm's length parties. Finder's warrants entitle the Finder to purchase one common share in the Company at a price of $0.10 for a period of 24 months from the date of closing.
The shares and warrants comprising the units in tranche two are subject to a 4 month hold period expiring May 25th, 2020.
The Private Placement is subject to TSX Venture Exchange final approval.
The Company further announces it has granted a total of up to 1,000,000 stock options to directors of the company exercisable at a price of $0.10 per share for a period of up to two years from the date of grant.
The options have been granted in accordance with the company's stock option plan.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral exploration projects globally for the benefit of its shareholders.
ON BEHALF OF THE BOARD
"John Masters" John Masters, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the 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.
SOURCE: Infinite Lithium Corp.
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