Lithium Ionic Announces Closing of Final Tranche of Oversubscribed Non-Brokered Private Placement

Core Points - Lithium Ionic Corp. has successfully closed the second tranche of its non-brokered private placement financing, raising a total of $18,263,091 from the issuance of 26,090,130 units at a price of $0.70 per unit [1][2] - The proceeds from the offering will be utilized for the development of the company's Brazilian properties and for general corporate purposes [2] Financing Details - The second tranche consisted of 7,739,989 units, generating gross proceeds of $5,417,992 [1] - Each unit includes one common share and one common share purchase warrant, with the warrant allowing the purchase of one common share at an exercise price of $0.90 for 24 months [2] Insider Participation - Certain insiders acquired 947,929 units in the second tranche, which is classified as a related party transaction [4] - This insider participation is exempt from formal valuation and minority shareholder approval requirements as it does not exceed 25% of the company's market capitalization [4] Regulatory Compliance - The securities issued are subject to a four-month hold period under applicable securities laws and require approval from the TSX Venture Exchange [3] Company Overview - Lithium Ionic Corp. is a Canadian mining company focused on exploring and developing lithium properties in Brazil, particularly in the northeastern part of Minas Gerais state [7] - The company's flagship projects, Itinga and Salinas, cover 14,668 hectares in a region recognized as a world-class hard-rock lithium district [7]