- Alpha Lithium (ALLI) has raised C$5.75 million in a bought deal financing to fund exploration work at its Tolillar lithium project in Argentina
- The company issued a total of 8.8 million units at a price of 65 cents each, which included the exercise of an over-allotment option
- Alpha Lithium recently expanded its exploration program at the Tolillar Project to include high-altitude geophysical work
- The program will focus on the southern portion of the property and follows the success of earlier work that focused on the northern region
- Alpha Lithium (ALLI) is currently up 1.56 per cent and is trading at 65 cents per share
Alpha Lithium (ALLI) has raised C$5.75 million in a bought deal financing to fund exploration work at its Tolillar lithium project in Argentina.
Under the terms of the financing, which was announced on July 23, the Vancouver-based company issued a total of 8,846,156 units at a price of $0.65 each, which included the exercise of an over-allotment option to the value of $750,000.
Each unit is comprised of one common share in Alpha Lithium, and one common share purchase warrant, exercisable at a price of $0.80 per share for a period of 24 months.
Despite its founding only six months ago, the company now has approximately $10 million in cash to support its growth initiatives.
The proceeds from the financing will be used to carry out Alpha Lithium’s expanded exploration program at the Tolillar Project, which covers 27,500 hectares within the prolific Lithium Triangle region of northern Argentina and consists of 10 exploitation concessions.
The program will focus on the southern 8,500-hectare portion of the Tolillar Project and follows the successful work that was previously completed to the north.
It will use the same high-powered Vertical Electrical Sounding geophysics methodologies, which will be operated by the same team of five regional experts from Conhidro SRL.
Brad Nichol, CEO of Alpha Lithium, said the conclusion of the financing is both validation and motivation for the company’s efforts in Argentina.
“With our local team providing an exceptional degree of commitment to safety in the face of unprecedented health considerations, the excitement to move ahead is unmistakable.
“The ongoing road and field camp construction concurrent to the exploratory efforts is driven by a positivity with each successive report from the field,” he added.
Alpha Lithium (ALLI) is currently up 1.56 per cent and is trading at 65 cents per share at 12:59pm EDT.