First Lithium Arranges Brokered Private Placement


First Lithium Resources Inc. has entered into an agreement with Byron Capital Markets, a division of Byron Securities Ltd., to finance a best efforts private placement of up to five million units of the company at a price of 10 cents per unit for gross proceeds of up to $500,000. Each unit shall consist of one flow-through common share and one common share purchase warrant entitling the holder to acquire one non-flow-through common share of the company for a period of two years following the closing date at an exercise price of 15 cents per share in the first year and 25 cents per share in the second year. In consideration for its efforts, the agent will receive a cash commission representing 8 per cent of the gross proceeds and agent’s warrants equal to 10 per cent of the units sold. Each agent’s warrant shall entitle the agent to purchase one non-flow-through common share of the company at a price of 10 cents per share for a period of 12 months following the closing date.

The proceeds of the private placement will be used by the company to finance exploration expenditures on its Canadian properties.

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