Chilean-focused mineral exploration and development company First Lithium Minerals Inc. has announced a victorious closing of its reverse takeover (RTO) by First Lithium Minerals Corp. (FLM:CNX) of First Lithium Minerals Inc. and QL Minerals Inc.
First Lithium is currently steadfast in its lithium-Brine OCA Project. This project is made up of 8,900 hectares of mineral exploration concessions in Ollague, Carcote and Ascotan Salars in the Antofagasta Region, Chile.
Saltsman noted, "We completed the RTO or the three-point amalgamation with First Lithium Minerals Corp. (formerly PetroCorp Group), and by doing so, we will have a US listing with DTC eligibility fairly quickly because First Lithium Minerals Corp. already had one. Normally this process can take up to four months or longer to get."
First Lithium started assembling properties in 2016.
Previously, First Lithium had closed $5,914,500 in a private placement comprised of subscription receipts at $0.25 per receipt. With the RTO now closed, all subscription receipts were exchanged for common shares in First Lithium.
First Lithium expects to begin trading on the CSE tomorrow, August 9, 2022, under the symbol FLM.
QL Minerals Inc. separately closed $795,000 in a private placement of subscription receipts at $0.25 per receipt and these too were exchanged for common shares in First Lithium.
QL Minerals is a mineral exploration company with 39 claims in the township of Senneville, Quebec, Canada.
Regarding trading in the U.S., Saltsman noted, "We completed the RTO or the three-point amalgamation with First Lithium Minerals Corp. (formerly PetroCorp Group), and by doing so, we will have a US listing with DTC eligibility fairly quickly because First Lithium Minerals Corp. already had one. Normally this process can take up to four months or longer to get.”
First Lithium Minerals Corp. (formerly PetroCorp Group Inc.) acquired both First Lithium Minerals Inc. and QL Minerals Inc. All shares of both companies were exchanged for shares of First Lithium Minerals Corp. as PetroCorp changed its name to First Lithium Minerals Corp. and consolidated its outstanding common shares on an approximate one share for 82 share basis.
The Canadian Securities Exchange (CSE) gave conditional approval to First Lithium for the listing of common shares on June 29, 2022. This led to the closing of the RTO and a Bulletin on August 5, 2022, from the CSE announcing that the common shares of First Lithium Minerals Corp. (FLM – CSE) have been approved for listing on the CSE.
First Lithium expects to begin trading on the CSE tomorrow, August 9, 2022, under the symbol FLM.
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