Hertz Lithium Inc. Files Amended and Restated Interim Financial Statements and Management Discussions & Analyses

Hertz Lithium Inc. Files Amended and Restated Interim Financial Statements and Management Discussions & Analyses

Hertz Lithium Inc. (CSE: HZ) (FSE: QE2) (the "Company") announces that it has filed amended and restated condensed interim financial statements and related management discussion and analysis for the three and six month periods ended January 31, 2023 (the "Financial statements"). The amendment and restatements are pursuant to the review of the Financial statements by the Company's auditors. Consequently, the following adjustments have been identified and corrected:

Adjustment 1 - correction of under recorded stock-based compensation of $12,700 and $12,700 for the three and six months ended January 31, 2023, respectively.

Adjustment 2 - reclassification of legal fees relating to financing to deferred financing charges of $47,400 and $47,400 for the three and six months ended January 31, 2023, respectively.

As a result of these adjustments, the Company's total assets increased by $47,400 from $514,896 to $562,296 as at January 31, 2023, and the Company's net loss decreased by $34,700 from 524,085 to $489,385 for the six months ended January 31, 2023. These adjustments have no material impact on the Company's statement of cash flows for the six months ended January 31, 2023 and the basic and diluted loss per share for the three and six months ended January 31, 2023.

About Hertz Lithium Inc.

Hertz Lithium Inc. is a British Columbia based mineral exploration company primarily engaged in the acquisition and exploration of mineral properties. The Company currently has one material mineral property, the Lucky Mica Project, located in the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA, which is in the exploration stage. The Company is also working with the PSRF in the development of a novel lithium extraction technology. https://hertzlithium.com

For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedar.com.

On Behalf Of the Board of Directors

Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca

https://hertzlithium.com

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169527

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Highlights

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- Funding investment teaser documents and data room established

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- Shortlisting potential lead bank

- Equity Funding - potential sale of minority interest of the project to realise capital and strategic value

- Discussions and draft term sheets shared with investors

- Offtake agreement LOI signed with ZISP

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These sources will cover not only the capital expenditures but also financing costs, working capital, debt service coverage, and an additional contingency for potential business interruptions, See Figure 1*.

DEBT PROCESS

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EQUITY FUNDING

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CEO and MD Mr Iggy Tan stated "The funding stage of any project is the most complex and challenging process of any project. Securing a big four funding adviser with expertise and a global network is a major step in our financing efforts. Altech is advancing both debt and equity discussions, along with offtake agreements, to fully fund the CERENERGY(R) project. We are seeing strong interest, especially from European banks and potential equity partners".

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/PO741A78

To view MD Iggy Tan explain the Funding, please visit:
https://www.abnnewswire.net/lnk/23705649



About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

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/NOT FOR DISTRIBUTION TO UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/

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