Wednesday, January 15, 2020 5:30:16 PM
"Mr. John Masters reports
INFINITE CLOSES SECOND AND FINAL TRANCHE OF NON-FLOW THROUGH FINANCING PLUS ADDITIONAL NON-FLOW THROUGH FINANCING ARRANGED
Further to its press releases dated Dec. 16, 2019, and Dec. 31, 2019, Infinite Lithium Corp. has closed the second and final tranche of its fully subscribed, non-brokered, non-flow-through private placement. The total raised in tranche two issuing 2,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $100,000. The aggregate total raised of the two tranches issuing 10,000,000 units at a price of $0.05 per Unit for aggregate gross proceeds of $500,000.
Each Unit is comprised of one common share (a "Share") and one half of one transferable Share purchase warrant (a "Warrant") of the Company. Each full Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a 24 month period after the Closing Date.
For the two tranches finders' fees of $20,620.00 and 412,400 finder's warrants were paid to arm's length parties. Finder's warrants entitle the Finder to purchase one common share in the Company at a price of $0.10 for a period of 24 months from the date of closing.
The shares and warrants comprising the units in tranche two are subject to a 4 month hold period expiring May 15th, 2020.
The Company further announces it has arranged a non-brokered private placement of up to 8.4 million units ("Units") at a price of $0.06 per Unit for aggregate gross proceeds of $504,000. Each Unit will be comprised of one common share ("Share") and one-half of one transferable Share purchase warrant of the Company ("Warrant"). Each full Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.10 per share".
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