Lida Resources Inc. announced that it has entered into a best efforts private placement of up to 8,000,000 subscription receipts at a price of CAD 0.25 per subscription receipt for a gross proceeds of CAD 2,000,000, and up to 14,333,333 flow-through subscription receipts at a price of CAD 0.30 per flow-through subscription receipt for a gross proceeds of CAD 4,300,000; for aggregate gross proceeds of CAD 6,300,000 on October 14, 2022. Each one subscription receipt will be automatically exchanged into one unit, where each unit will consist of one common share and one-half of one share purchase warrant, with a whole warrant exercisable to purchase one common share at an exercise price equal to CAD 0.50 at any time up to 24 months from the date of closing of the transaction. Each flow-through subscription receipt will be automatically exchanged into one flow through unit, where each flow through unit will consist of one flow through share and one-half of one share purchase warrant, with a whole warrant exercisable to purchase one common share at an exercise price equal to CAD 0.50 at any time up to 24 months from the date of closing of the transaction.

The transaction is subject to a 15% over-allotment option or up to an additional CAD 945,000 if fully subscribed. The offering is subject to a minimum aggregate net proceeds requirement of CAD 3,500,000.