Grounded Lithium Closes Non-Brokered Private Placement Raising $3.0 Million in Gross Proceeds
Summary
FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./CALGARY, AB, Nov. 7, 2022 /CNW/ - (TSXV: GRD) - Grounded Lithium Corp. ("GLC" or the "Company") is pleased to announce it closed its previously announced non-brokered financing of special warrants of the Company ("Special Warrants") for gross proceeds of $3.0 million (the "Offering"). Attainment of these two short-term objectives sets the stage for further operational and valuation milestones as the Company measurably moves towards the goal of commercial production. GLCs multi-faceted business model involves the consolidation, delineation, exploitation and ultimate development of its opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift.Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, P.Eng, Idi Ishaya, P.Eng, Patou Zeleke, P.Eng and Thomas Jerome, P. Geo, each of whom are a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects.This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, statements regarding the Offering including the use of proceeds of the Offering, the timing and ability of the Company to satisfy the conditions of the TSXV, the timing of the automatic exercise of the Special Warrants and obtaining a receipt for a final prospectus, achieving project milestones, commercializing GLCs operations, and GLCs vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition.Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: GLCs expectation that our operations will be in Western Canada, unexpected problems can arise due to technical difficulties and operational difficulties which impact the production, transport or sale of our products; geographic and weather conditions can impact the production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC currently predicts; the failure to obtain financing on the terms set out herein or other reasonable terms; risks relating to the ability of the Company to obtain required approvals to complete the Offering on the terms announced; volatility in the trading price of the common shares of the Company; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; and the other risk factors detailed from time to time in GLCs periodic reports. GLCs forward-looking statements are expressly qualified in their entirety by this cautionary statement.This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.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 news release.