LiCo Energy Metals Announces Private Placement
TSX VENTURE: LIC
December 19, 2018 / TheNewswire / Vancouver, British Columbia; - LiCo Energy Metals Inc. ("the Company" or "LiCo") TSX-V: LIC, OTCQB: WCTXF announces a non-brokered private placement offering of up to 2,667,000 flow-through units ("FT Units") and up to 4,000,000 non flow-through units ("Units") both at a price of $0.075 per FT Unit and $0.075 per Unit raising total combined proceeds of up to $500,000. The private placement details and subscription agreements will now be available to investors on the Stockhouse Deal Room (Stockhouse Deal Room).
Each FT Unit and Unit is comprised of one common share of the Company and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.10 per share, for a period of two years from closing, subject to TSX Venture Exchange ("Exchange") approval.
The proceeds from the FT Units will be used to advance the Company's Teledyne and Glencore Bucke Properties, in Cobalt Ontario. The proceeds from the Units will be used for advancement and development of the Company's other mineral exploration projects and for general working capital purposes.
All securities issued in connection with the private placement are subject to a four month and a day hold period in accordance with applicable Securities Laws.
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company's focus is directed towards exploration for high value metals integral to the manufacture of lithium ion batteries.
Ontario Cobalt Properties: The Company has entered into an Option Agreement with Surge Exploration Inc. ("Surge") whereby Surge can earn an undivided 60% interest in the Glencore Bucke and the Teledyne Cobalt Properties, located in Cobalt Ontario, subject to certain cash, share and exploration payments to LiCo. Upon Surge having exercised the Option, Surge will have earned an undivided 60% interest in the Cobalt Properties, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement.
LiCo has received an independent third-party fairness opinion from an experienced and qualified P.Geo. relating to the Cobalt Properties. The fairness opinion confirms and concludes the terms of the Option Agreement between the Company and Surge is fair to the shareholders of the Company.
Chile Purickuta Lithium Project: The Purickuta Project is located within Salar de Atacama, a salt flat encompassing 3,000 km2, being about 100 km long, 80 km wide and home to approximately 37% of the worlds Lithium production. The property of 160 hectares is enveloped by a concession owned by Sociedad Quimica y Minera ("SQM") and lies, significantly, within a few kilometers of the property of CORFO (the Chilean Economic Development Agency) where its leases to both SQM and Albermarle's Rockwood Lithium Corp Together these two companies have combined production of over 62,000 tonnes of LCE (Lithium Carbonate Equivalent) annually making up 100% of Chile's current lithium output. The unique characteristics of Salar de Atacama make finished lithium carbonate easier and cheaper to produce than any of its peer group globally.
The Purickuta Property is currently under Force Majeure as mentioned in previous news releases.
Nevada Black Rock Desert Lithium Project: The Company has entered into an option agreement whereby the Company may earn an undivided 100% interest, subject to a 3% NSR, in the Black Rock Desert Lithium Project in southwest Black Rock Desert, Washoe County, Nevada.
On Behalf of the Board of Directors
Rick Wilson, President &CEO
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.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.