Infinity Stone Closes $2.1M Private Placement and Intention to Dual List on ASX
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2022) - Infinity Stone Ventures Corp. (CSE: GEMS) (OTCQB: TLOOF) (FSE: B2I) (the "Company" or "Infinity Stone"), is pleased to announce the closing of a non-brokered private placement (the "Offering") of 6,400,000 Units (each a "Unit") at a price of $0.25 per Unit, for gross proceeds of $1,600,000. Each Unit is comprised of one (1) Class A Subordinate Voting Share (a "Share") and one-half (1/2) of one share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one (1) Share (a "Warrant Share") at a price of $0.50 for a period of two (2) years from the date of issuance.
The Company also announces that it has closed a non-brokered private placement of 1,428,571 flow-through Units (each a "FT Unit") at a price of $0.35 per FT Share for gross proceeds of $500,000 (the "FT Offering"). Each FT Unit is comprised of one (1) Class A Subordinate Voting Share (a "Share") and one-half (1/2) of one share purchase warrant (a "FT Warrant"). Each whole Warrant is exercisable into one (1) Share (a "FT Warrant Share") at a price of $0.45 for a period of three (3) years from the date of issuance.
In connection with the FT Offering, the Company issued 100,000 finders' warrants, and paid finder's fees of $34,999.99. Each finders' warrant is exercisable at a price of $0.45 for a period of three (3) years from the date of issuance.
"With the closing of our combined flow-through and non-flow-through offerings, we are excited to welcome the participation of several Australia-based institutions. The well-developed and educated Australian institutional and retail market has a deep understanding of the value and critical need for battery mineral exploration projects. We believe the distribution in Australia will help provide ISV greater exposure for the Company's lithium assets, ultimately realizing a stronger valuation and upside for our shareholders," said Zayn Kalyan, CEO of Infinity Stone.
The gross proceeds from the FT Offering will be used to incur eligible "Canadian exploration expenses" (CEE) that are "flow-through mining expenditures" (as such term is defined in the Income Tax Act (Canada)) related to the Company's mining projects. The net proceeds from the Offering will be used for exploration expenses and general working capital.
Engagement of Foster Stockbroking
Infinity Stone is also pleased to announce it has engaged Foster Stockbroking Pty Ltd ("FSB") in the provision of capital markets advisory services in relation to a proposed Australian Securities Exchange ("ASX") dual listing of Infinity Stone. An ASX listing will provide the Company with greater access to existing and new investors. There has been significant interest from the Australian market in the Company's lithium projects, particularly the Camaro Lithium Project adjacent to Patriot Battery Metal's Corvette Lithium Discovery in James Bay, Quebec.
The Company believes the ASX listing will position the Company better in the Australian market, which has many well-established lithium companies listed on the ASX with hard rock lithium projects in Canada.
The Company will provide further update on the dual listing, as there is no guarantee the Company will be granted approval to list on the ASX.
The securities referenced herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
About Infinity Stone Ventures
Infinity Stone's mission is to be a diversified, single source supplier for the critical energy metals being used in the clean energy revolution alongside its established SaaS solution portfolio. Infinity Stone is meeting the demand from battery and wind turbine manufacturers, nuclear and hydrogen energy producers, and energy metals speculators by acquiring 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
To register for investor updates please visit https://infinitystone.ventures.
Infinity Stone Contact
CEO and Director
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Forward-Looking Statements Disclaimer
This press release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including statements respecting: the expected use of proceeds from the offerings; the Company's intention to dual list onto the ASX; Australian investors' interest in the Company and its projects; and the expected result of distribution in Australia. Although forward-looking statements contained in this press release are based upon what management of Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements may also be affected by risks and uncertainties in the business of the Company, including those described in the Company's public filings available on www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139549