Li-FT Power Ltd. has completed its previously announced bought deal public offering, raising gross proceeds of C$23,011,500 through the issuance of 7,935,000 common shares at a price of C$2.90 per share. The transaction closed following the full exercise of the over-allotment option granted toarket Capital Markets and SCP Resource Finance LP. Underwriters received a cash commission equal to 5.0% of aggregate gross proceeds, with a reduced 2.5% rate applied to select president's list orders.

An executive of the company participated in the financing. This insider participation constituted a related-party transaction under Multilateral Instrument 61-101 but was exempt from formal valuation and minority shareholder approval requirements. Because the insider participation was finalised shortly before closing, Li-FT Power did not file a material change report 21 days in advance, choosing to complete the offering expeditiously for sound business reasons. Additional details regarding the insider participation will be included in the material change report filed in connection with the closing.

Li-FT Power intends to use the net proceeds from the financing to fund estimated care and maintenance costs for the first year of the Renard option period under the Renard option agreement, with the remaining funds allocated toward general working capital.

The company maintains a dual-jurisdiction portfolio focused on hard rock lithium assets in Canada. Its core development assets comprise the Adina-Galinée Lithium Project located in the Eeyou Istchee James Bay region of Québec and the Yellowknife Lithium Project in the Northwest Territories. The company also holds early-stage exploration properties across both jurisdictions.

The offered securities have not been and will not be registered under the United States Securities Act of 1933 or the securities laws of any U.S. state, and may not be offered or sold within the United States without registration or an applicable exemption from registration requirements.

Read the full announcement: LIFT Closes C$23 Million Public Offering