First Lithium Minerals closes second tranche, raises $1.44M

First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) has closed the second tranche of its listed issuer financing exemption offering and a concurrent private placement, raising a combined $1,442,144 in gross proceeds.

The second tranche of the LIFE offering included the issuance of 2,466,773 non-flow-through units at $0.11 per unit and 2,173,333 flow-through units at $0.15 per unit, generating gross proceeds of $597,345. Each unit includes one common share and one-half of a common share purchase warrant exercisable at $0.18 for three years. The company paid $23,908 in finder's fees and issued 220,542 finder's warrants in connection with this tranche.

Concurrently, the company closed a private placement of 7,680,363 units at $0.11 per unit for gross proceeds of $844,840. Each unit consists of one common share and one-half of a common share purchase warrant exercisable at $0.18 for three years. Shares issued under the private placement are subject to a statutory hold period in Canada ending four months and one day from closing. The company paid $33,387 in finder's fees and issued 337,702 finder's warrants in connection with this placement.

According to a press release, the company intends to use net proceeds for exploration activities, general corporate purposes, and working capital, as described in its offering document available on SEDAR+.

First Lithium Minerals is a Canadian mineral exploration company with lithium and alkali metals projects at the Salar de Ascotan in northern Chile and a gold and critical metals project in northwestern Ontario, Canada.

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