(TheNewswire)
October 24, 2017 / TheNewswire / Vancouver, British
Columbia - LiCo Energy Metals Inc. (“the Company“ or “LiCo”) TSX-V: LIC, OTCQB: WCTXF announces a non-brokered private placement offering of up to 8,000,000 flow-through units (“FT Units”) and
up to 4,000,000 non flow-through units (“Units”) both at a price of $0.08 per FT Unit and $0.08 per Unit raising total combined
proceeds of up to $960,000.
Each FT Unit and Unit is comprised of one common share of the Company and one share purchase warrant.
Each share purchase warrant will entitle the holder thereof to purchase one additional common share of the Company at an
exercise price of $0.10 per share, for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”)
approval.
Finder’s fees will be paid in connection with the private placement and all finder’s fee payable are subject to
Exchange approval.
The proceeds from the FT Units will be used to advance the Company’s Teledyne and Glencore Bucke Properties, in
Cobalt Ontario. The proceeds from the Units will be used for advancement and development of the Company’s other mineral
exploration projects and for general working capital purposes .
All securities issued in connection with the private placement are subject to a four month and a day hold
period in accordance with applicable Securities Laws.
About LiCo Energy Metals : https://licoenergymetals.com/
LiCo Energy Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture
Exchange. The Company's focus is directed towards exploration for high value metals integral to the manufacture of lithium ion
batteries.
Glencore Bucke Cobalt Project, Cobalt, Ontario :
The Company has entered into a property purchase agreement to acquire a 100% interest from Glencore Canada
Corporation (subsidiary of Glencore plc) in the Glencore Bucke Property, situated in Bucke Township, 6 km
east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement .
Strategically, the Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of LiCo’s
Teledyne Cobalt Project. The Property covers the southern extension of the #3 vein that was historically mined on the
neighbouring Cobalt Contact Property located to the north of the Glencore Bucke Property. Diamond drilling in 1981 on the
Glencore Bucke Property delineated two zones of mineralization measuring 150 m and 70 m in length.
Ontario Teledyne Cobalt Project:
The Company has an option to earn 100% ownership, subject to a royalty, in the Teledyne Project located near
Cobalt. Ontario. The Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine. From 1905
through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt and 980,000 oz. of silver. A significant portion of
the cobalt that was produced at the Agaunico Mine located along structures that extended southward onto property currently under
option to LiCo Energy Metals.
Chile Purickuta Lithium Project:
The Purickuta Project is located within Salar de Atacama, a salt flat encompassing 3,000 km2, being about 100
km long, 80 km wide and home to approximately 37% of the worlds Lithium production. The salar possesses a very high grade of
both Lithium (1,840mg/l) and Potassium (22,630mg/l and is close to power, labour, communications, transportation and other
infrastructure. The property of 160 hectares is enveloped by a concession owned by Sociedad Quimica y Minera (“SQM”) and
lies, significantly, within a few kilometers of the property of CORFO (the Chilean Economic Development Agency) where its leases to
both SQM and Albermarle’s Rockwood Lithium Corp Together these two companies have combined production of over 62,000 tonnes of LCE
(Lithium Carbonate Equivalent) annually making up 100% of Chile’s current lithium output. The unique characteristics of Salar
de Atacama make finished lithium carbonate easier and cheaper to produce than any of its peer group globally.
Purickuta is a smaller exploitation concession rather than a large exploration concession thereby accelerating
the task of taking the project to production once a measured reserve can be established. Currently, the Chilean government
retains ownership of lithium separate from other minerals and thus production can only proceed upon receipt of a special lithium
operation contract know as a “CEOL”. In the future, it will be necessary for LiCo and partner to negotiate a production
contract with CORFO concurrently with completing any positive feasibility study. “Chile, which has one of the world's most
plentiful supplies of lithium, is pushing ahead with new policies to develop those reserves”. (Reuters Jan 2,
2017).
Nevada Dixie Valley Lithium Project:
The Company has an option to acquire a 100% interest, subject to a 3% NSR, on a large lithium exploration
project at the Humboldt Salt Marsh in Dixie Valley, Nevada. The geologic setting and presence of lithium in active geothermal
fluids and surface salts in Dixie Valley match characteristics of producing lithium brine deposits at Clayton Valley, Nevada and in
South America.
Nevada Black Rock Desert Lithium Project:
The Company has entered into an option agreement whereby the Company may earn an undivided 100% interest,
subject to a 3% NSR, in the Black Rock Desert Lithium Project in southwest Black Rock Desert, Washoe County,
Nevada.
The Company is planning an exploration programs on a number of its properties over the next several months.
On Behalf of the Board of Directors
Tim Fernback, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to,
comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of
historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and others are forward-looking. Forward- looking statements are not guarantees of future performance and actual results may vary materially from those statements.
General business conditions are factors that could cause actual results to vary materially from forward-looking
statements.
Copyright (c) 2017 TheNewswire - All rights reserved.