LithiumBank Resources Corp. announced a bought-deal private placement of 3,158,000 charity flow-through units at a price of CAD 1.90 per unit for the gross proceeds of CAD 6,000,200 on April 17, 2023. Each flow-through unit consists of one common share and three quarters of one common share purchase warrant of the company.

Each flow through warrant will entitle the holder thereof to purchase one non flow-through common share at an exercise price of CAD 2.00 for a period of 36 months from the date of issuance thereof, subject to adjustment in certain events. In addition, the company has granted the underwriters an option to arrange for the sale of up to an additional 15% of the Flow through units at the issue price. The underwriters' option may be exercised in whole or in part at any time up to 48 hours prior to the closing date.

The deal is expected to close on or about May 10, 2023 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange. As compensation, the underwriters will be entitled to a cash fee in an amount equal to 6.0% of the gross proceeds from the offering . In addition, the underwriters will receive non-transferable warrants exercisable at any time prior to the date that is 36 months from the closing date to acquire that number of units which is equal to 6.0% of the number of FT units sold under the Offering at an exercise price equal to CAD 1.28.