Vancouver, British Columbia--(Newsfile Corp. - April 6, 2023) - Hertz Lithium Inc. (CSE: HZ) (the "Company") is pleased to announce the closing of its initial public offering (the "Offering") pursuant to its prospectus dated February 16, 2023 (the "Prospectus") filed with the securities commissions in each of the provinces of Canada, other than Quebec. Effective at the opening of the market on April 10, 2023, the Company's common shares (the "Shares") will commence trading on the Canadian Securities Exchange (the "CSE") under the symbol "HZ".
The Offering consisted of the sale of 12,852,000 units (each, a "Unit") at a price of $0.125 per Unit, for aggregate gross proceeds of $1,606,500. Each Unit consisted of one Share and one Share purchase warrant (a "Warrant"). Each Warrant is exercisable by the holder to acquire one additional Share at a price of $0.25 per Share for a period of two years from the date of issuance.
Canaccord Genuity Corp. (the "Agent") acted as the agent for the Offering. In connection with the Offering, the Company (i) issued the Agent an aggregate of 899,640 compensation warrants, each of which is exercisable into one Share at an exercise price of $0.125 for a period of two years from the date of issuance, and (ii) paid the Agent a corporate finance fee of $50,000.
The Company intends to use the proceeds from the Offering to as set forth in the Prospectus, which is available under the Company's SEDAR profile at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. "United States" and "U.S. Person" are as defined in Regulation S under the U.S. Securities Act.
About Hertz Lithium Inc.
Hertz Lithium Inc. is a British Columbia based mineral exploration company primarily engaged in the acquisition and exploration of mineral properties. The Company currently has one material mineral property, the Lucky Mica Project, located in the Maricopa County of Arizona, USA, which is in the exploration stage.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedar.com.
On Behalf Of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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