Arctic Fox Lithium Corp. Completes First Tranche of Private Placement

Arctic Fox Lithium Corp. (CSE:AFX)(FSE:O5K) has successfully closed the first tranche of its non-brokered private placement, raising approximately $1.62 million. This development involves the issuance of 6,744,000 units priced at $0.24 each. Each unit includes one common share and one warrant, allowing the purchase of an additional share at $0.315 within 24 months.

The funds will be allocated for general working capital, administrative needs, and exploration, focusing on the company's Shipshaw Property. The completion also involved finder’s fees, including cash, broker warrants, and common shares.

Additionally, Tyler Heathcote, an experienced executive, is appointed as the new director, replacing Sonny Chew, who resigned. Rick Mah steps in as the new CFO. The company thanks Mr. Chew for his contributions.