July 14, 2009
First Lithium Closes Non-Brokered Private Placement and receives Exchange Approval on its Acquisition of the Yukon Quartz Claims
Vancouver, British Columbia -First Lithium Resources Inc.(MCI-TSX.V) (the "Company") is pleased to announce the final closing of its non-brokered private placement financing (the "Private Placement") originally announced by press release on May 29, 2009. The offering raised gross proceeds of $330,000. A total of 3,300,000 units (the "Units") of the Company were issued in the Private Placement at a price of $0.10 per Unit. The Units were issued in two tranches, whereby 600,000 Units issued were issued on June 30, 2009 and 2,700,000 Units issued in the second and final tranche were issued on July 9, 2009. Each Unit consists of one Common Share and one Warrant with each Warrant entitling the holder to acquire one common share of the Company for a period of two years following the Closing Date at an exercise price of $0.15 per Share in the first year and $0.20 per Share in the second year. Finder's Fees consisting of $6,000 cash and 60,000 warrants are payable to Northern Securities Inc. with the same terms as those to be issued pursuant to the private placement and $20,000 cash only is payable to Frontline Investment Managers Ltd. All securities issued in the Private Placement are subject to a four months hold period in Canada from the date of issuance. All currency references are in Canadian dollars. The funds will be used for general working capital and for further development of the Company's Canadian properties.
The TSX Venture Exchange (the "Exchange") has accepted for filing a Purchase Agreement dated June 16, 2009 between First Lithium Resources Inc. (the "Company") and Blair Naughty, whereby the Company is to acquire 25 quartz claims located in the Yukon Territory 95 kms south of Dawson City. In consideration, the Company will pay $75,000 in cash and issue 800,000 shares in the first year. Work commitments are $25,000 in exploration expenditures by June 1, 2010 and $225,000 by September 30, 2010. Mr. Naughty will retain 3% net smelter return royalty, of which 1% can be purchased by the Company at any time before the commencement of commercial production upon payment of $1 million in cash, shares or combination thereof, subject to the Exchange approval.
ON BEHALF OF THE BOARD
President & CEO
For further information contact or Craig Naughty, or visit the website at
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
3102-788 Richards St.
Vancouver, BC. V6B 0C7
Tel: (604) 669-0401 Fax: (604) 669-0414
Toll Free:1(877) 669-0401
Website: firstlithiumresources.com Email: