Tickers: PINX:WCTXF, XTSX:LIC
Tags: #Mining
Vancouver, BC - TheNewswire - February 6, 2020 - LiCo Energy Metals Inc. ("the Company" or "LiCo") (TSXV:LIC) (OTC:WCTXF) announces that further its news release dated January 17, 2020 the Company has closed a non-brokered private placement of 12,000,000 Units ("Units") at a price of $0.05 per Unit raising gross proceeds of $600,000.
Each Unit consists of one common share of the Company and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.05 per share, for a period of five years from closing, subject to final TSX Venture Exchange ("Exchange") approval.
The proceeds of the Private Placement will be used for exploration and development and for general working capital purposes.
The Company also paid Finder fees in the amount of 1,262,500 shares and 300,000 finder warrants in connection with the private placement. The finder's warrants are on the same terms as the private placement warrants. The finder fees are subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four-month and a day hold period expiring on June 7, 2020 in accordance with applicable Canadian Securities Laws.
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company's focus is directed towards exploration for high value metals integral to the manufacture of lithium ion batteries.
Ontario Cobalt Properties: The Company has entered into an Option Agreement with Surge Exploration Inc. ("Surge") whereby Surge can earn an undivided 60% interest in the Glencore Bucke and the Teledyne Cobalt Properties, located in Cobalt Ontario, subject to certain cash, share and exploration payments to LiCo. Upon Surge having exercised the Option, Surge will have earned an undivided 60% interest in the Cobalt Properties, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement.
LiCo has received an independent third-party fairness opinion from an experienced and qualified P.Geo. relating to the Cobalt Properties. The fairness opinion confirms and concludes the terms of the Option Agreement between the Company and Surge is fair to the shareholders of the Company.
Nevada Black Rock Desert Lithium Project:
The Company has entered into an option agreement whereby the Company may earn an undivided 100% interest, subject to a 3% NSR, in the Black Rock Desert Lithium Project in southwest Black Rock Desert, Washoe County, Nevada.
On Behalf of the Board of Directors
"Rick Wilson"
Rick Wilson, President &CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
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