Li-FT Closes $10.1 Million In Flow-Through Share Financings

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, March 27, 2024 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce it has closed the previously announced marketed public offering (the “Public Offering”) of 1,179,500 common shares of the Company issued on a “flow-through” basis (each a “Flow-Through Share”) at a price of $6.05 per Flow-Through Share. The Public Offering generated aggregate gross proceeds of $7,135,975. The Flow-Through Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)).

The Public Offering was led by Canaccord Genuity Corp. on behalf of a syndicate of agents, including SCP Resource Finance LP. and Beacon Securities Limited (collectively, the “Agents”).

The Public Offering was completed pursuant to a prospectus supplement dated March 20, 2024 (the “Prospectus Supplement”) to the Company’s Canadian amended and restated base shelf prospectus dated December 22, 2023 (the “Base Shelf Prospectus”). The Base Shelf Prospectus and the Prospectus Supplement are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

In connection with the Public Offering, the Company paid to the Agents a cash commission of 5.0% of the gross proceeds from the Public Offering, excluding gross proceeds from the sale of Flow-Through Shares to purchasers on a president’s list of the Company in respect of which the Agents’ cash commission was equal to 2.0% of the gross proceeds from such sales.

Additionally, the Company completed a concurrent non-brokered private placement (the “Private Placement”) of 689,660 common shares of the Company issued on a “flow-through” basis (each a “Private Placement Flow-Through Share”) at a price of $4.35 per Private Placement Flow-Through Share for gross proceeds of $3,000,021. The Private Placement Flow-Through Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). No finder’s fees were paid in connection with the Private Placement. All of the Private Placement Flow-Through Shares issued pursuant to the Private Placement are subject to resale restrictions under applicable Canadian securities legislation until July 28, 2024.