Lithium Ionic Announces Bought Deal Financing

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

TORONTO, July 13, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; FSE: H3N) (“Lithium Ionic” or the “Company”) is pleased to announce that it has entered into an agreement with Clarus Securities Inc. and Canaccord Genuity Corp. as co-lead underwriters on behalf of a syndicate of underwriters (collectively, the "Underwriters") to purchase, on a bought deal private placement basis, 11,904,900 common shares of the Company (the "Common Shares") at a price of $2.10 per Common Share, for aggregate gross proceeds of $25,000,290 (the "Offering"). The Company has also granted to the Underwriters an option to purchase an additional 1,785,735 Common Shares at the same price, exercisable by the Underwriters for a period of up to two days prior to closing for additional gross proceeds of up to $3,750,044.

Lithium Ionic plans to use the net proceeds of the Offering for mineral exploration and development activities at its Brazilian properties and for working capital requirements and general corporate purposes.

The Offering is scheduled to close on or about August 1, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (“TSXV”). The securities to be issued under this Offering will be offered by way of private placement exemptions in all the provinces and territories of Canada, and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The Common Shares issued under the Offering will carry a statutory hold period of four months and one day from the closing date of the Offering.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Lithium Ionic Corp.

Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in Brazil. Its flagship Itinga and Salinas projects cover 14,182 hectares in the northeastern part of Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hard-rock lithium district. The Itinga Project is situated in the same region as CBL’s Cachoeira lithium mine, which has produced lithium for +30 years, as well as Sigma Lithium Corp.’s Grota do Cirilo project, which hosts the largest hard-rock lithium deposit in the Americas.