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Saturday, April 22, 2023 5:13:26 AM
Financials & Filings
LEXI TO SETTLE PORTION OF INTEREST PAYMENT IN SHARES
/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
Toronto, Ontario April 20, 2023 – Lithium Energi Exploration, Inc. (TSXV:LEXI) (the “Company” or “LEXI”) has agreed to
settle a portion of the interest payment due to Arena Investors, LP (“Arena”) as at April 20, 2023 in common shares of LEXI
(“Common Shares”). Pursuant to the credit agreement dated February 1, 2023 between Arena and the Company (the
“Credit Facility”), as at April 20, 2023, the Company will owe Arena interest in the amount of $71,342.00 of which 50.0%,
being $35,671, will be settled with the issuance of 145,597 Common Shares of the Company, at a deemed price equal to
$0.245 per share. The deemed price is calculated at the greater of the five day volume weighted price preceding the
payment date or the market price (as determined pursuant to the policies of the TSX Venture Exchange (“TSXV”)).
Under the terms of the Credit Facility, at Arena’s option, up to one half of the interest payable to Arena, being 6.0% per
annum, may be paid in Common Shares at a price per Common Share equal to the greater of (i) 100.0% of the volume
weighted average price of the Common Shares on the five (5) consecutive trading days immediately preceding the
applicable date such interest is due and (ii) the market price pursuant to the policies of the TSXV. The remaining portion
of the interest payable to Arena, up to a maximum of 12% per annum, is payable in cash. The issuance of the Common
Shares to Arena is subject to TSXV acceptance.
“We continue to increase our shareholding in LEXI as we feel very strongly about the Company’s direction under new
management and its ability to deliver strong shareholder value in the near future,” stated Daniel Blanks, Arena’s nominee
to LEXI’s board of directors. “Therefore, we’ve elected to take the maximum allowable percentage of interest due to Arena
under the Credit Agreement in shares.”
https://www.investorx.ca/Doc/2304201543203162
https://money.tmx.com/en/quote/LEXI/financials-filings?selectedTab=filings
If THEIR IS ONE THING I AM SURE ABOUT IS I AM USUALLY WRONG
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