Lithium South Development Corporation announced a non-brokered private placement of 10,000,000 units at a price of CAD 0.30 per unit for the gross proceeds of CAD 3,000,000 on May 22, 2024. Each unit will comprise one common share and one transferable common share purchase warrant. Each warrant will allow the holder to purchase an additional common share of the company at a price of CAD 0.40 for a period of five years from the date of closing of the private placement.

This private placement is being offered on anon-brokered basis and the units will be subject to a statutory hold period of four months and a day from the closing date of the offering. The company may pay a finder's fee on a portion of the gross proceeds of the private placement. The offering remains subject to regulatory approval.

The transaction will include participation from current and potential shareholders. The financing has now been placed and is expected to close in several days.