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TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) ("CLM" or the "Company") is pleased to announce that it has closed its third and final tranche of a previously announced non-brokered private placement financing of common shares of the Company issued on a flow-through basis (each, a "Flow-Through Share") at a price of $0.08 per Flow-Through Share (the "Offering") for proceeds of $1,000,000 (the "Final Tranche"). In total, an aggregate of 21,250,000 Flow-Through Shares were issued by the Company pursuant to the Offering for proceeds of $1.7 million. For more information about the Offering and the first tranche and second tranche closings (the "Prior Tranches"), please see the Company's press releases dated May 24, 2023, June 12, 2023, and June 26, 2023, and July 20, 2023, which are available under the Company's SEDAR profile at .

Pursuant to the Final Tranche, CLM issued 12,500,000 Flow-Through Shares at a price of $0.08 per share, each of which are subject to a statutory four month hold period, which expires on December 11, 2023. Completion of the Offering (including the Prior Tranches) is subject to receipt of final approval of the TSX Venture Exchange ("TSXV").

In connection with the Final Tranche, CLM paid finder's fees of $80,000 in cash and issued 1,000,000 non-transferable finder's warrants ("Finder's Warrants") to Roche Securities Limited in accordance with TSXV policies. Each Finder's Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.08 at any time prior to August 10, 2025. The Company intends to use the proceeds of the Offering to fund exploration expenses on its Baillarge lithium mining property. The Company may also use proceeds to fund exploration expenses at its other lithium mining properties located in close proximity to the North American Lithium mine, including its Preissac – La Corne and Vallée projects.

Option Grant

The Company also announces that it has granted 500,000 stock options to a director of the Company pursuant to the Company's omnibus incentive plan. The stock options vest in equal quarterly installments over two years and may be exercised at a price of $0.08 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSXV.

About Consolidated Lithium Metals Inc.
Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (formerly known as Jourdan Resources Inc.) is a Canadian junior mining exploration with projects in Quebec. The Company's properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium's Quebec lithium mine.

For more information:
Rene Bharti, Chief Executive Officer and President
Email | info@consolidatedlithium.com
Phone | (416) 861-5800
Website |

Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Prior Tranches, the Final Tranche, and the Offering, including the Company's intended use of proceeds, receipt of final approval of the TSXV, and other matters related thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CLM to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices and market demand; accidents, labour disputes and shortages and other risks of the mining industry. Although CLM has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. CLM does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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