First Lithium Minerals Launches New Non-Brokered Private Placement Offering
News related to:First Lithium Minerals Corp · 2 min read
First Lithium Minerals Corp. has announced the commencement of a new non-brokered private placement offering, known as the LIFE Offering, to raise capital for its exploration projects. The company had previously completed a similar offering, which concluded on July 22, 2026. The new offering is structured to raise up to $3,905,000 through the sale of 35,500,000 units, each priced at $0.11, and an additional $350,000 through the sale of 2,333,333 flow-through units, each priced at $0.15.
Each non-flow-through unit (NFT Unit) will consist of one common share and one-half of one common share purchase warrant. Each warrant will allow the holder to purchase one common share at $0.18 for a period of three years, starting 60 days after the closing date. The flow-through units (FT Unit) will include one common share that qualifies as a flow-through share and one-half of one warrant. The net proceeds from the sale of these units will be used for exploration drilling and brine sampling at the Ascotan Lithium Project in Chile, as well as for working capital and general corporate purposes.
The company intends to use the proceeds from the FT Units to incur eligible Canadian exploration expenses, known as flow-through mining expenditures, related to its Lidstone Gold Project in Ontario. These expenditures must be incurred by December 31, 2027, and will be renounced by the company to the initial purchasers with an effective date no later than December 31, 2026.
First Lithium Minerals is also considering a concurrent private placement of up to 6,772,727 units at a price of $0.11 per unit, raising up to $745,000. Each unit in this concurrent placement will consist of one common share and one-half of one common share purchase warrant. The warrants will be exercisable for one additional common share at $0.18 for a period of three years following the closing date.
The company may also pay finder's fees, comprising 8% of the gross proceeds of the Offering and finder warrants equal to 8% of the number of units issued. The fees will be reduced to 4% for any president's list subscribers up to $2 million. The finder warrants will be exercisable for one additional unit at $0.11 for a period of three years.
The Offering is expected to close in one or more tranches, with the first closing anticipated on or about September 29, 2026. The company will use the funds raised to advance its exploration plans and maintain its operations. The Offering is subject to certain conditions, including the receipt of all necessary regulatory approvals.
First Lithium Minerals is focused on exploring for lithium and alkali metals at its 100%-owned Ascotan Project in northern Chile and for gold and critical metals at its 100%-owned Lidstone Project in northwestern Ontario. The company is currently planning its inaugural drilling program at the Ascotan Project, pending the acquisition of necessary permits, licenses, and agreements.
The Offering is designed to support the company's growth and exploration efforts, ensuring that it has the necessary financial resources to continue its projects. The company's management believes that the Offering will provide the financial flexibility needed to advance its exploration plans and maintain its operations.