LithiumBank Announces Closing of $6.8 Million "Bought Deal" Private Placement

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CALGARY, Alberta, May 15, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (the “Company” or “LithiumBank”) is pleased to announce that it has closed its previously announced bought deal private placement financing pursuant to an underwriting agreement among Echelon Capital Markets, Beacon Securities Limited and Red Cloud Securities Inc. (collectively, the “Underwriters") and the Company dated May 15, 2023 (the “Underwriting Agreement”) in connection with the “bought deal” private placement of 3,631,700 units of the Company issued on a charity flow-through basis (the "FT Units") at a price of $1.90 per FT Unit (the "FT Issue Price") for gross proceeds of $6,900,230 ("Offering"). Each FT Unit consists of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a “FT Share") and three quarters of one common share purchase warrant of the Company (each whole common share purchase warrant, a "FT Warrant"), each issued as a "flow-through share" within the meaning of the Income Tax Act (Canada). Each FT Warrant entitles the holder thereof to purchase one non flow-through Common Share (a "Warrant Share") at an exercise price of $2.00 per Warrant Share for a period of 36 months from the date of issuance thereof, subject to adjustment in certain events.

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