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Critical Elements Lithium Corporation (the “Company” or “Critical Elements”) (TSXV: CRE) (FSE: F12) is pleased to announce that it has entered into an agreement with Cantor Fitzgerald Canada Corporation (the “Underwriter”) under which the Underwriter has agreed to purchase on a “bought deal” basis under a short form prospectus for a total of 14,915,000 units (the “Units”) of the Company at a price of 1 . CDN $ 75 per unit (the “Offer Price”) for gross proceeds of CDN $ 26,101,250 (the “Underwritten Offering”). Each Unit will consist of one common share of the Company and one half of a common share purchase warrant (each entire common share purchase warrant, a “warrant”). Each warrant will be exercisable for one common share of the Company for a period of 24 months from the closing date (as defined herein) at an exercise price of C $ 2.50.

In addition, the Company has granted the Underwriter an option (the “Over-Allotment Option” and, with the Guaranteed Investment, the “Placement”) to purchase additional Units at the Offer Price in order to collect proceeds. additional gross of up to 15% of the Guaranteed Offer, for a period of 30 days after and including the Closing Date to cover over-allotments, if any, and for market stabilization purposes.

The net proceeds of the offering are expected to be used by the Company to finance the development of the Rose lithium project and for general working capital purposes.

Closing of the Offering is expected to occur on or about November 25, 2021 (the “Closing Date”), and is subject to certain conditions, including, but not limited to, receipt of all applicable regulatory approvals, including including the approval of the TSX Venture Exchange. .

The units to be issued in connection with the offering will be offered by means of a simplified prospectus in each of the provinces of Canada. The Units to be issued under the Offer may also be offered in the United States by way of a private placement in accordance with exemptions from the registration requirements of the United States Securities Act of 1933 (the “US Securities Act” ), as amended, and certain other jurisdictions in accordance with applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal. The securities have not been and will not be registered under the US Securities Act or the securities laws of any state of the United States and may not be offered or sold in the United States (as defined in the regulations. S under the US Securities Act) unless they are registered under the US Securities Act and applicable state securities laws or as an exemption from such registration requirements.

About Critical Elements Lithium Corporation

Critical Elements aspires to be a large, responsible supplier of lithium to the thriving electric vehicle and energy storage systems industries. To this end, Critical Elements is advancing the wholly-owned high purity Rose lithium project in Quebec. Rose is the Company’s first lithium project to advance in a highly promising land portfolio of over 700 square kilometers. In 2017, the Company carried out a solid feasibility study on Rose Phase 1 for the production of high quality spodumene concentrate. The project’s internal rate of return is estimated at 34.9% after tax, with an estimated net present value of C $ 726 million at a discount rate of 8%. The investment cost parameters were confirmed in 2019 by Primero Group within the framework of a guaranteed maximum price within the framework of an agreement of early involvement of the entrepreneur, as a prelude to an engineering process, supply and construction. Detailed engineering for phase I should be completed this year when the Company plans to deliver technical studies for phase II; converting spodumene concentrate to high quality lithium hydroxide. In the Company’s opinion, Quebec is strategically well positioned for the US and EU markets and has exceptional infrastructure, including a low-cost, low-carbon electricity grid containing 93% of hydropower. The project received the approval of the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, made up of representatives of the Impact Assessment Agency of Canada and the Cree Nation Government. ; we are awaiting a similar approval as part of the Quebec environmental assessment process in the short term. The Society also maintains a solid and formal relationship with the Cree Nation.

For more information, please contact:

Jean-Sébastien Lavallée, geo.
Chief Executive Officer
819-354-5146
[email protected]
www.cecorp.ca

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terms such as “expected”, “anticipates”, “expects” or “does not expect”, “is expected”, “expected” “,” Targeted “, or” believes “, or variations of these words and phrases or statements that certain actions, events or results” could “,” could “,” would “,” could “or” would “,” be ” produce ”or“ will be achieved ”. Forward-looking information contained herein includes, without limitation, statements relating to the completion of project approval, completion of the provincial authorization process, mineral reserve estimates, mineral resource estimates , making estimates of mineral reserves and resources, estimates of investment and operating costs, timing and amount of future production, production costs, success of mining operations, project classification into terms of cash and production costs, permits, economic return estimates, electrical and storage facilities, mine life, social, community and environmental impacts, markets and selling prices for lithium and carbon. tantalum, purchase agreements and buyers for the Company’s products, environmental assessment and permits, obtaining sufficient financing to s acceptable conditions, opportunities for short- and long-term optimization of the project, and continued positive discussions and relations with local communities and stakeholders. Forward-looking information is based on what management believes are reasonable assumptions at the time these statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information.

Although Critical Elements has attempted to identify material factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated or planned. Factors that may cause actual results to differ materially from the expected results described in the forward-looking information include, but are not limited to: completion of project approval, completion of the provincial licensing process, ability of Critical Elements to secure sufficient funding to move forward and complete the project, uncertainties associated with the Company’s resource and reserve estimates, uncertainties regarding global lithium and tantalum supply and demand and prices of market and sales, uncertainties associated with securing removal agreements and customer contracts, uncertainties regarding social aspects, impacts on the community and the environment, uncertainties regarding the possibilities of optimizing the project, as well as that the risk factors set out in the Company’s year-end management report dated August 31, 2020, the annual notice of the Company dated August 3, 2021, and other disclosure documents available under the SEDAR Profile of the Company. The forward-looking information contained herein is made as of the date of this press release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. , except as required by securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THE SOURCE: Critical Elements Lithium Corporation

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