Lithium Corporation Announces Non-Brokered Private Placement
RENO, Nev.--(BUSINESS WIRE)-- Lithium Corporation (OTCBB: LTUM) (the "Company", or Lithco) is pleased to announce that it has closed a non-brokered private placement, and has received $550,000 USD gross proceeds from the sale of 11,000,000 units. Each Unit is comprised of one warrant and one common share, and each warrant provides the subscriber the right to purchase one common share of Lithium Corporation for $0.10 USD within one year, or $0.15 USD within two years of the Closing date. Altura Mining Ltd., the sole subscribers to this private placement will have the preferential right to participate in any subsequent private placements.
Lithco intends to use the proceeds from this private placement for continuing exploration on its lithium properties in Nevada, and on generative efforts in the Great Basin and elsewhere.
The securities to be issued and sold in the private placement will not be registered under the Securities Act of 1933 as amended (the "Act"), and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act.
For further information please contact Samantha White at (888) 299-3989 or via email at firstname.lastname@example.org
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new lithium resources within the state of Nevada. The Company explores and develops potentially economic lithium-enriched brine fields, with an eye to becoming a long-term producer of this increasingly strategic and economically important commodity.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the closing of the private placement with Altura, any mineralization, exploration and development of our mineral properties, or the properties held by Altura and any statements in regards to any future drilling programs.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
To view this press release as a webpage, please click on the following link:http://www.fscwire.com/pr/lithiumcorpnov212012.htm
Samantha White, 888-299-3989
KEYWORDS: United States North America Nevada
The article Lithium Corporation Announces Non-Brokered Private Placement originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.