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The Company will not be issuing fractional shares as a result of the consolidation. Instead, all fractional shares equal or greater to one-half will be rounded to the next whole share. The Company's outstanding stock options and share purchase warrants will be adjusted upon completion of the consolidation.
The Company does not intend to change its name or seek a new stock trading symbol from in connection with the Consolidation. The Company's shares will continue to trade under the symbol "LIC". The consolidation remains subject to
A letter of transmittal will be sent to the registered shareholders providing instructions to surrender the share certificates evidencing their pre-consolidated common shares for replacement certificates of LiCo representing the number of post-consolidated common shares they are entitled to as a result of the consolidation. Until surrendered, each certificate representing the pre-consolidated common shares will be deemed to represent the number of post-consolidated common shares of
The Company also announces a non-brokered private placement financing of up to 12,000,000 post-consolidated units ("Units") at a price of
Each Unit is comprised of one common share 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
Finder fees may be paid in connection with the private placement. Any finder fees will be subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four-month and a day hold period in accordance with applicable Canadian Securities Laws.
The proceeds of the Private Placement will be used for exploration and development and for general working capital purposes.
About
LiCo has received an independent third-party fairness opinion from an experienced and qualified
The Company has entered into an option agreement whereby the Company may earn an undivided 100% interest, subject to a 3% NSR, in the
On Behalf of the Board of Directors
"Rick Wilson"
Neither the
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.
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Copyright (c) 2020 TheNewswire - All rights reserved., source