NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Feb. 02, 2024 (GLOBE NEWSWIRE) — Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (the “Company”) is pleased to announce that it today completed the first tranche of a non-brokered private placement (the “Offering”), previously announced on January 19, 2024
The Company has completed the first tranche of the Offering with the issuance of 2,125,000 units, each consisting of one share and one warrant to purchase one common share at a price of $0.08 for three years after issuance. In connection with the Offering, the Company paid $2,000 in cash commission to a finder and issued finder warrants to purchase 40,000 shares at $0.08 per share for a period of three years.
All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day from the issuance date. The total value of units issued was $106,250, of which $41,250 was conversion of debt. Part of the debt converted was $6,250 for past fees of an officer. Proceeds of the offering will be used for exploration at the Alkali Flat Lithium Brine Project in New Mexico and consulting fees of $38,000.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical metals to take advantage of the global shift towards decarbonization and electrification. Lancaster has rights to acquire 100% of the Alkali Flat Lithium Brine Project, near Lordsburg, New Mexico, USA, a set of claims approximately 5,200 acres (8.1 square miles) in size that Lancaster is exploring for concentrated sub-surface lithium brine deposits. Lancaster’s vision is to produce Net Zero Lithium using direct lithium extraction technology powered by solar or geothermal energy.
Lancaster also holds the rights to a 100% interest in the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec and lying on the same geological trend as significant lithium discoveries. Lancaster also has a wholly owned subsidiary, Nelson Lake Copper Corp., which owns the Nelson Lake Copper Project in Saskatchewan, Canada. Lancaster plans to conduct exploration activities with a holistic view of stakeholder interests. Guiding Lancaster Resources’ journey is a skilled management and technical team with collective involvement in over 15 commercial mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of Lithium projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: http://www.lancaster-resources.com
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Lancaster’s future performance. The use of any of the words “could,” “expect,” “believe,” “will,” “projected,” “estimated,” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be expressly required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
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