Edison Lithium Corp. announced a brokered private placement of up to 60,000,000 subscription receipts priced at CAD 0.05 per subscription Receipt in order to raise gross proceeds of up to CAD 3,000,000 on May 19, 2022. Each subscription receipt will entitle the holder thereof to receive, upon conversion and without any further action on the part of such holder or payment of any additional consideration, one unit of SpinCo with each Unit comprised of one SpinCo share and one common share purchase warrant.

Each warrant shall be exercisable into one SpinCo Share at an anticipated exercise price of CAD 0.08 per SpinCo Share, for an exercise period of two years. The conversion of the subscription receipts will be subject to the satisfaction or the escrow release conditions, including the closing of the arrangement and the listing of the SpinCo Shares on the exchange, on or prior to a date to be determined. The Subscription Receipts and the SpinCo Shares and warrants issuable in exchange for the subscription receipts will be subject to a four-month statutory hold period expiring four months and one day from the closing date of the transaction.