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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (116626)	12/6/2021 7:21:42 PM
From: Goose94	Read Replies (1) \| Respond to of 202989

Lithium South Development (LIS-V) Closes Non-brokered PP Dec 6, '21 - NR Subject to the approval of the TSX Venture Exchange and further to the news release of Nov. 24, 2021, Lithium South Development Corp. has closed its non-brokered private placement, issuing 7.7 million units at a price of 60 cents per unit for gross proceeds of $4.62-million. Each Unit is comprised of one common share (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant will allow the holder to purchase one Share of the Company at a price of $0.75 per Share for a period of three (3) years (the "Expiry Date") from the date of closing of the Private Placement. The Company also announces that, subject to the approval of the Exchange, it has closed its Private Placement issuing 2,300,000 Units at a price of $0.65 per Unit for gross proceeds of $1,495,000. Each Unit consists of one Share and one Warrant. Each Warrant will allow the holder to purchase one Share of the Company at a price of $0.82 per Share until the Expiry Date. Proceeds of the Private Placements will be used to advance the Company's HMN Lithium Project, located in Salta Province, Argentina. A drill program is currently being designed to potentially increase the present lithium resource, and process test work is underway. In addition, the funding will be used to undertake an advertising campaign as announced November 24, 2021, and for general working capital purposes. The Company paid finder's fees of $421,600 and 696,000 finder's warrants (the "Finder's Warrants") to Canaccord Genuity Corp. and PI Financial Corp. The Finder's Warrants are non-transferable and exercisable until the Expiry Date at prices of $0.75 to $0.82 per Share. All securities issued will be subject to a four month hold period and the Exchange Hold Period. The Company confirms that the price of the Units in the Private Placements was determined based on the closing market price of the Shares of the Company on the dates the Company announced the Private Placement and/or obtained Exchange acceptance to the pricing, in accordance with the policies of the Exchange. Subscription agreements received following the increase to the trading price of the Company's Shares were priced at $0.65 per Unit. About Lithium South Development Corp. Lithium South is focused on developing the Hombre Muerto North Lithium Project (HMN Li Project), located on the Hombre Muerto Salar, a major lithium-producing salar in Argentina. The property is adjacent to land under development by the Korean multinational corporation POSCO, which acquired the ground from Galaxy Resources Ltd. for US $280 million. The Company completed a Preliminary Economic Assessment of the HMN Li Project in 2019, utilizing conventional evaporation extraction. The Company is evaluating conventional evaporation as a process method, and Direct Lithium Extraction (DLE) as an alternative method. Three candidates for DLE are currently being evaluated. Two 2,000 gallon bulk brine samples are in transit to Oakland California for testing by Lilac Solutions, and Chengdu China for testing by Chemphys. In addition, DLE test work is currently underway in Salta, Argentina by Eon Minerals. In addition, the Company is planning to potentially expand the known resource by drilling various areas of interest identified in a recent T.E.M. survey. The Company is awaiting approval of drill permits currently being reviewed by the Mining Secretariat in Salta, Argentina. On behalf of the Board of Directors Adrian F. C. Hobkirk President and Chief Executive Officer Investors / Shareholders call 855-415-8100 / website: www.lithiumsouth.com