- Maricunga Project
- Maricunga (DFS)
Vancouver, British Columbia - Bearing Lithium Corp. ("Bearing" or the "Company") (TSX Venture: BRZ)(FRANKFURT: B6K2) is pleased to announce the closing of the first tranche (the "First Tranche") of the non-brokered private placement (the "Private Placement") announced July 13, 2018 and has issued a total of 8,970,000 units (each a "Unit"), at a price of $0.25 per Unit for gross proceeds of approximately $2,424,500.The Private Placement was initially anticipated to be $2,000,000 but was over-subscribed. Each Unit consists of one common share and one-half of a common share purchase warrant (each whole warrant, a “Warrant”).Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.40 for 12 months following closing of the Private Placement. All securities issued pursuant to the Private Placement will be subject to a statutory four month hold period. The Company anticipates that the second and final tranche of the Private Placement will close in the next few days.
In connection with the First Tranche of the Private Placement, the Company has: (i) paid an aggregate of $36,000 in cash finders’ fees to Haywood Securities Inc. and Raymond James Ltd., representing 6% of the gross proceeds of the Units that were sold to subscribers introduced by such parties; and (ii) issued an aggregate of 153,600 share purchase warrants (the "Finders' Warrants") to purchase 153,600 common shares to PI Financial Corp., Haywood Securities Inc. and Raymond James Ltd. representing 6% of the Units that were sold to subscribers introduced by such parties.The Finders’ Warrants will have the same terms as the Warrants forming part of the Units.
The Company intends to use the net proceeds of the Private Placement to fund the acquisition of its previously announced increased ownership in the Maricunga Project (see the Company’s news release dated June 25, 2018) and for working capital.