ROUYN-NORANDA, QC, Aug. 16,
2023 /CNW/ - Comet Lithium Corporation (TSXV: CLIC)
("Comet Lithium" or the
"Company"), announces that it has applied to the TSX
Venture Exchange for a one-year extension of the term of 11,406,670
common share purchase warrants (the "Warrants") that were
issued by Comet Lithium as part of a private placement that closed
on August 27, 2021, which Warrants
had an initial expiry date of August 27,
2023. As a result of the consolidation of the common shares
of the Company on the basis of one post-consolidation common share
for every seven pre-consolidation shares issued and outstanding as
of the close of business on February 2,
2023 (the "Consolidation"), seven Warrants must now
be exercised to purchase one additional common share of Comet
Lithium at an exercise price of $0.77
(on a post-Consolidation basis).
Subject to the approval of the TSX Venture Exchange, the term of
the Warrants will be extended to August 27, 2024, for a total
term of three (3) years. An aggregate of 310,000 of the Warrants
were exercised. None of the Warrants are held by any director or
officer of the Company.
The extension of the term of the Warrants are subject to
regulatory approval, including that of the TSX Venture
Exchange.
About Comet Lithium
Corporation
Comet Lithium is a dynamic lithium-focused exploration company
active in the prolific James Bay
District of Quebec. Comet
Lithium's flagship asset is its 100%-owned Liberty Property
contiguous to Winsome Resources' Adina deposit, a growing
high-grade discovery. Comet Lithium is advancing Liberty to
first-ever drilling.
Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Comet Lithium, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur. Forward-looking information is
based on information available at the time and/or management's
good-faith belief with respect to future events and are subject to
known or unknown risks, uncertainties, assumptions and other
unpredictable factors, many of which are beyond Comet Lithium's
control. These risks, uncertainties and assumptions include, but
are not limited to, those described under "Financial Instruments"
and "Risk and Uncertainties in Comet Lithium's Annual Report for
the fiscal year ended December 31,
2022, a copy of which is available on SEDAR at
www.sedarplus.ca, and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. Comet Lithium does not intend, nor does it undertake
any obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
Neither the 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 the release.
SOURCE Comet Lithium Corp.