First Lithium Minerals Corp.announced that it intends to complete a flow-through financing for gross proceeds of up to $600,000. The Company will issue up to 7,500,000 flow-through shares at an issue price of $0.08 per share.
The Flow-Through Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). The gross proceeds from the offering will be used by the Company to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” (as both terms are defined in the Income Tax Act (Canada)) related to the Company’s exploration properties located in the Province of Ontario. The Qualifying Expenditures will be renounced in favour of the subscribers with an effective date no later than December 31, 2025, and in the aggregate amount of not less than the total amount of the gross proceeds raised from the offering.
All securities issued under the offering will be subject to a hold period expiring four months and one day from the date of the closing.
About First Lithium Minerals
First Lithium Minerals is a Canadian mineral exploration and development company. The Company is exploring for lithium and alkali metals at its 100% owned Ascotan Project comprised of approximately 1,775 ha of mineral exploration concessions located at the Salar de Ascotan in the Antofagasta Region of northern Chile. Two property-wide geophysical surveys identified priority exploration drill targets for potential brine mineralization. The Company is currently planning its inaugural drilling program pending obtaining required drilling permits, licences and agreements. First Lithium Minerals is also exploring for gold and critical metals at its 100% owned Lidstone project comprised of 17,300 ha of mining claims in northwestern Ontario, Canada.
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