Arctic Fox Lithium Corp. announced a private placement of a non-brokered private placement of up to 7,500,000 flow-through units at a price of CAD 0.18 and up to 10,000,000 non-flow-through units at a price of CAD 0.15 to raise gross proceeds of up to CAD 1,350,000 and CAD 1,500,000 respectively on May 16, 2023. The FT Units will be composed of one common share in the capital of the company and one-half of one non-transferable share purchase warrant.

Each whole warrant will entitle the holder thereof to purchase one additional common share in the capital of the company for a period of 24 months from the closing date at an exercise price of CAD 0.25. The NFT Units will be composed of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company for a period of 24 months from the closing date at an exercise price of CAD 0.25.

All securities issued from both the FT Units and NFT Units will be subject to a four-month and one day hold period from the closing date. The company may pay finders? fees in connection with the issuance of the FT Units and the NFT Units.