LITHIC INCREASES FINANCING TO $932,000
April 4, 2006
Lithic Resources Ltd. (LTH-TSX Venture) (the “Company”) is pleased to announce that due to strong demand, it has increased the non-brokered private placement previously announced in Stockwatch on March 20, 2006, from $400,000 to up to $932,000. The private placement will now consist of up to 3,728,000 units at $0.25 per unit, each unit consisting of one common share of the Company and one non-transferable share purchase warrant. Each warrant will entitle the placee to acquire one additional common share of the Company for a period of twenty-four months at an exercise price of $0.35 during the first year and an exercise price of $0.50 during the second year. The units issued on the offering will be subject to a four-month hold period.
The proceeds of the private placement will be used to initiate exploration at the Company’s advanced Crypto zinc project in Utah and its Stoke Mountain base metal project in Quebec as well as for working capital.
Portions of this private placement may be subject to a finder's fee in accordance with TSX Venture Exchange policy.
The placement is subject to acceptance by the TSX Venture Exchange.
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.
Not for distribution to the United States News Wire Service or for dissemination in the United States.