LITHIC CLOSES $3.84 MILLION PRIVATE PLACEMENT
January 15, 2007
Lithic Resources Ltd. (LTH-TSX Venture) (the “Company”) is pleased to announce that it has closed the non-brokered private placement previously announced in Stockwatch on December 1, 2006 and December 20, 2006. A total of 9,591,700 units were sold at a price of 40 cents per unit for gross proceeds of $3,836,680. Each unit consists of one common share of the company and one half of one non-transferable share purchase warrant. Each full warrant will entitle the placee to acquire one additional common share of the company for a period of 24 months after the closing date at an exercise price of 60 cents during the first year and an exercise price of 80 cents during the second year.
The units issued on the offering will be subject to a four-month hold period expiring on May 12, 2007. A total of $116,270 in finder’s fees were paid in connection with the placement.
The bulk of the proceeds of the private placement will be used to carry out a 10,000 metre drill program at the company's flagship Crypto zinc project in Utah. The remainder will be used both for general working capital and a reserve for acquisitions.
For further information, please contact Chris Staargaard at 604-687-7211 or visit www.lithicresources.com.
LITHIC RESOURCES LTD.
President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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