LithiumBank Closes $2.25 Million Private Placement

Executive Summary

• LithiumBank Resources Corp. closed a non‑brokered private placement raising $2,250,462 through the issuance of 3,750,770 common shares at $0.60 per share.
• Net proceeds will be used primarily for working capital and general corporate purposes.
• Director Christopher Murray participated in an insider subscription of 140,000 shares ($84,000), representing ~3.7% of the private placement proceeds; the transaction was exempt from MI 61‑101 valuation/approval requirements.

Key Details

• Gross proceeds: $2,250,462.
• Shares issued: 3,750,770 common shares at an issue price of $0.60 per share.
• Hold period: Shares subject to a four‑month hold period from the closing date under Canadian securities laws.
• Use of proceeds: Primarily for working capital and general corporate purposes.
• Insider subscription: Director Christopher Murray purchased 140,000 shares for $84,000 (≈3.7% of total proceeds), increasing his holding to 2,652,000 shares (~3.9% of post‑closing outstanding shares).
• MI 61‑101 compliance: Transaction deemed exempt from formal valuation and minority shareholder approval under sections 5.5(a) and 5.7(1)(a); no material change report filed >21 days prior because details were not confirmed at that time.
• Securities not registered in the U.S.; offering restricted to non‑U.S. persons.

Notable Quotes

(No direct quotes included in the release.)