- Standard Lithium (LSS) has raised more than C$34.5 million to support ongoing work programs at its Lanxess Project in southern Arkansas
- The company issued just over 15.6 million common shares at a price of $2.20 each
- The offering was conducted by Roth Canada, ULC and Echelon Wealth Partners as co-lead agents and joint bookrunners, together with Roth Capital Partners
- Ongoing work at the Lanxess Project optimisation activities at the SiFT lithium carbonate plant, along with preliminary engineering work to advance commercial development
- Standard Lithium is currently up 2.35 per cent to $2.61 per share
Standard Lithium (LSS) has raised more than C$34.5 million to support ongoing work programs at its Lanxess Project in southern Arkansas.
Under the terms of the offering, the Vancouver-based development company issued 15.6 million common shares at a price of $2.20 each.
The financing was led by Roth Canada, ULC and Echelon Wealth Partners as co-lead agents and joint bookrunners, together with Roth Capital Partners as the exclusive placement in the United States.
According to today’s release, Standard Lithium intends to use the proceeds to advance its 150,000-acre Lanxess Project, located near the township of El Dorado.
This work includes ongoing testing and optimisation work at the SiFT lithium carbonate crystallisation pilot plant and the LiSTR Direct Lithium Extraction demonstration plant.
A portion of the proceeds will also go towards progressing engineering work focused on advancing the commercial development of Standard Lithium’s proprietary extraction process, as well as the negotiation and development of a joint venture with Lanxess Corporation.
“On behalf of the board I am pleased to welcome top performing ESG focused BNP Paribas Energy Transition fund as a substantial shareholder of the Company and would like to thank our other respected institutional investors for their continued support,” said Robert Mintak, CEO of Standard Lithium.
“With the closing of this financing coupled, with the receipt of $5,502,009 since October 1, 2020 from the exercise of previously issued warrants, the company is well positioned to aggressively advance our strategic development plans for 2021 and progress towards building the first new American commercial lithium project in over 50 years,” he added.
Standard Lithium is currently up 2.35 per cent to $2.61 per share at 11:41am EST.