Lithium Ionic Closes First Tranche of Oversubscribed $15M Non-brokered Private Placement

Core Viewpoint - Lithium Ionic Corp. has successfully closed the first tranche of a non-brokered private placement financing, raising gross proceeds of approximately $12.85 million, and has upsized the offering to a total of up to $18.26 million [1][3]. Financing Details - The first tranche consisted of 18,350,141 units priced at $0.70 per unit, with the upsized offering now comprising up to 26,080,141 units at the same price [1][3]. - Each unit includes one common share and one warrant, with the warrant allowing the purchase of one common share at an exercise price of $0.90 for 24 months [2]. Strategic Backing and Use of Proceeds - The upsized offering is supported by industry leader Martin Rowley and RTEK International DMCC, a team of experienced lithium veterans [3]. - The net proceeds from the offering will be utilized for the development of the company's Brazilian properties and for general corporate purposes [3]. Regulatory and Insider Participation - The securities issued are subject to a four-month hold period and require necessary approvals, including from the TSX Venture Exchange [4]. - Certain insiders are expected to acquire 912,179 units in the offering, which will be classified as a related party transaction but is expected to be exempt from formal valuation and minority shareholder approval requirements [5]. Company Overview - Lithium Ionic Corp. is a Canadian mining company focused on exploring and developing lithium properties in Brazil, particularly the Itinga and Salinas projects, which cover 14,668 hectares in a promising mining region [7].