Nevada Lithium Resources announces $8 million brokered private placement
by CM Staff
The net proceeds of the offering will be used to fund the company's remaining 30 per cent earn in interest in the Bonnie Claire Lithium Project in Nevada.
VANCOUVER— Nevada Lithium Resources Inc. announced that it has entered into a letter of engagement with Research Capital Corporation, pursuant to which Research, acting as sole book-runner and lead agent, has agreed to offer for sale special warrants of the company on a “best efforts” private placement basis, subject to all required regulatory approvals, at a price per special warrant of $0.45 for total gross proceeds of up to $8,000,000.
The net proceeds of the offering will be used to fund the company’s remaining 30 per cent earn in interest in the Bonnie Claire Lithium Project, located in Nye County, Nevada and working capital purposes.
“We believe that Bonnie Claire is currently one of the most attractive global lithium deposits remaining in a junior developer’s hands. We are delighted in the interest we have received in Nevada Lithium following the recent filing of our 43-101 Technical Report Preliminary Economic Assessment,” said Nevada Lithium CEO, Stephen Rentschler, in a press release.
Each special warrant shall be automatically exercisable into one unit of the company. Each Unit shall consist of one common share of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one share at a price of $0.75 per share for a period of 24 months following the closing date of the offering.
The warrants are subject to an acceleration clause whereby, if the trading price of the shares is equal to or greater than $1.10 for a period of 10 consecutive trading days, the company may reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.