- Li3 Lithium Corp. (LILI) has completed a non-brokered private placement for gross proceeds of $200,000
- The company issued 2,000,000 units at a price of $0.10 per unit
- The net proceeds will be used for general working capital purposes
- Li3 Lithium Corp is a lithium-focused exploration and project development company
- Li3 Lithium Corp. (LILI) opened trading at C$0.12
Li3 Lithium Corp. (LILI) has completed a non-brokered private placement for gross proceeds of $200,000.
The company issued 2,000,000 units at a price of $0.10 per unit. Each unit consists of one common share and one half of one warrant. Each whole warrant will entitle the holder to purchase additional share for $0.20 at any time within two years after closing.
All securities issued will be subject to a statutory four-month hold period of four months.
The net proceeds will be used for general working capital purposes and to assist in conducting due diligence of potential business opportunities.
The closing of the private placement is subject to certain conditions including the receipt of all necessary regulatory and other approvals.
Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe and Argentina, where the founders have significant experience and relationships. As evidenced by recent market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium given the scarcity, complexity and capex-intensive nature of alternative brine sources. At present, spodumene concentrate is at a record high price of US$5,500/tonne and forecast to go higher.
Li3 Lithium has a 50 percent interest in Li3 Resources Inc., a private company with a 50 percent interest in the Mutare Lithium Project, consisting of 1,500 hectares of licenses within the Mutare Greenstone Belt of Zimbabwe.
Li3 Lithium Corp. (LILI) opened trading at C$0.12.