Lithos Energy Ltd. announced a non-brokered private placement of non-convertible notes in the maximum principal amount of $400,000 on October 11, 2023. The notes will have a term of 91 days and will bear interest rate of 15% per annum payable on closing of the offering. For each $0.55 of principal of the note, the subscriber will receive one share purchase warrant of the company.

Each warrant will entitle the holder thereof to acquire one common share of the company at a price of $0.55 per warrant share for a period of five years from closing. All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.