Noram Lithium arranges $1.06-million financing

Executive Summary

• Noram Lithium Corp. has arranged a fully allocated non-brokered private placement financing of up to 10,675,000 units at a price of 10 cents per unit, raising gross proceeds of up to $1,067,500.
• Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at 15 cents per share for 36 months.
• Net proceeds are designated for general working capital, corporate overhead, and exploration and development activities.

Key Details

• Financing Structure: Fully allocated non-brokered private placement.
• Units Offered: Up to 10,675,000 units.
• Price Per Unit: 10 cents.
• Gross Proceeds: Up to $1,067,500.
• Warrant Terms: Each unit includes one common share purchase warrant. Warrants entitle the holder to purchase one additional common share at an exercise price of 15 cents per share.
• Warrant Expiry: 36 months from the date of issuance.
• Use of Proceeds: General working capital, corporate overhead, and exploration and development activities.
• Insider Participation: Certain insiders are participating in the offering. This constitutes a related party transaction under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, but is exempt from formal valuation and minority shareholder approval requirements.
• Control: The offering will not result in the creation of any new control persons.
• Regulatory Status: Subject to acceptance by the TSX Venture Exchange.
• Fees: Finders' fees may be payable in connection with the offering.