Li-Metal Announces US$750,000 Equity Financing and Plans to Raise up to US$10.0 Million
Summary
Li-Metal Announces US$750,000 Equity Financing and Plans to Raise up to US$10.0 MillionNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICESFunding will position Li-Metal to build out commercial-scale anode capabilities in 2024TORONTO, ON / ACCESSWIRE / April 19, 2024 / Li-Metal Corp. (CSE:LIM)(OTCQB:LIMFF)(FRA:5ZO) ("Li-Metal" or the "Company"), a developer of lithium metal anode and lithium metal production technologies critical for next-generation batteries, is pleased to announce that it has received a commitment for a US$750,000 subscription (the "Subscription") for units of the Company from North Carolina-based Blue Horizon Advisors LLC ("Blue Horizon" or the "Subscriber"). This shorter period was reasonable and necessary in the circumstances as it was necessary for the Company to complete the Subscription to immediately improve the financial position of the company.The Company has also entered into an advisory agreement (the "Advisory Agreement") with Blue Horizon pursuant to which Blue Horizon will provide strategic consulting services to Li-Metal on elements of its business including, without limiting, corporate strategy and development, commercial activity and direct client engagement, partnership management and rationalization of Li-Metals capital structure. In the event that this does not occur by June 30, 2024, the Advisory Agreement will terminate, and any accrued Monthly Fees shall be paid in Common Shares based on a 20-trading volume weighted average price of the Common Shares.Proceeds from both financings will to be used to accelerate the commercialization of Li-Metals anode technology, for working capital and for general corporate purposes.This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.ON BEHALF OF THE BOARDSrini GodavarthyChief Executive OfficerLi-Metal is a Canadian-based vertically integrated battery materials company and innovator commercializing technologies to enable next-generation batteries for electric vehicles and other applications. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.