December 31, 2019, Vancouver, BC, Canada – Infinite Lithium Corp. (“ILI” or the “Company”) (ILI-TSX:V) (OTCQB:ARXRF) is pleased to announce that further to its press release dated December 16th, 2019 the Company has closed the first tranche of its non-brokered, non-flow through private placement. The total raised in the financing issuing 8,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $400,000.00.
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.
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 are subject to a 4 month hold period expiring May 1st, 2020.
The Company has elected to cancel the flow through financing announced December 16th, 2019.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral exploration projects globally for the benefit of its shareholders.
ON BEHALF OF THE BOARD
John Masters, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Toll Free: 1-888-945-4770
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