Lithic increases private placementLithic increases private placement to $260,000 - 02010-12-23 18:29 ET -
Mr. Chris Staargaard reports LITHIC INCREASES PRIVATE PLACEMENT. Lithic Resources Ltd. has agreed to increase the non-brokered private placement previously announced in Stockwatch on Dec. 21, 2010, to a maximum of up to 3.25 million units at a price of eight cents per unit for gross proceeds of up to $260,000. Each unit will consist of one common share and one-half of one common share purchase warrant. Each full warrant will entitle its holder to subscribe for one share at 15 cents per share for a period of 18 months from completion of the financing. The shares, warrants and any shares issued on exercise of the warrants will bear a four-month restriction on resale from the completion date. Net proceeds from the placement will be used for general corporate purposes. A finder's fee will be payable on a portion of the financing. The private placement is subject to regulatory approval..