Grounded Lithium closes initial tranche
by CM Staff
The private exploration and development company stated that it expects to have enough working capital to fund its growth well into the new year upon the full closing of the offering.
CALGARY — Grounded Lithium Corp. has closed the initial tranche of its non-brokered private placement as announced in a press release dated November 30, 2021.
Under the initial tranche, the company sold approximately 12.9 million common shares at a price of CDN$0.18 per offered share for gross proceeds of approximately CDN$2.3 million. The company stated that Red Cloud Securities Inc. is acting as a finder in connection with the offering.
Grounded Lithium has also stated that it intends to use the proceeds from the offering for exploration of the company’s properties and for general working capital purposes.
The private exploration and development company stated that it expects to have enough working capital to fund its growth well into the new year upon the full closing of the offering.
The closing of remaining tranches of the offering is expected to be completed no later than January 14, 2022, the company has stated. Under the initial tranche, the company paid Red Cloud a total finder’s fees of approximately CDN$144,000 and issued a total of approximately 803,000 finder’s warrants.
Grounded Lithium also stated that each finder’s warrant is exercisable into one common share of the company at a price of CDN$0.18 at any time on or before 24 months following the issue date.
