Elko, NV – Nov 3, 2015 – Lithium Corporation (OTCBB: LTUM) “the Company” is pleased to announce that it is arranging a non brokered private placement of up to 4,000,000 units for gross proceeds of $100,000. Each unit consists of (1) one Common Share at $0.025 and (1) one Common Share Purchase Warrant, exercisable at a price of $0.05 within 1 year of the closing of the financing, or $0.075 if exercised between the first and second anniversaries of the closing of the financing.
Proceeds of the financing are to be used for test work for material excavated during the trenching program at the BC Sugar Flake Graphite project, updating the 43-101 compliant report on its Fish Lake Valley Lithium Brine property, and for general and administrative purposes. Trenching at BC Sugar went very well with the Company better defining a zone of weathered graphitic gneiss approximately 30 meters, in width, with a higher grade core that is approximately 20 meters in width. Samples from the program have been sent to the laboratory, and the company is awaiting initial results before determining what further studies to conduct on the mineralized material extracted during the program.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration, under the Act. For further information with regard to Lithium Corporation, please contact Brian Goss, or Tom Lewis at (775) 410-2206 or via email at info@lithiumcorporation.com
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new lithium resources within the state of Nevada. The Company explores and develops potentially economic lithium-enriched brine fields, with an eye to becoming a long-term producer of this increasingly strategic and economically important commodity.
Notice Regarding Forward-Looking Statements
This current report contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the closing of the private placement with Altura, any mineralization, exploration and development of our mineral properties, or the properties held by Altura and any statements in regards to any future drilling programs.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.