Southern Lithium Announces Closing of First Tranche of Financing

Southern Lithium (TSXV:SNL) has announced that further to its press release dated November 3, 2016, it has completed the first tranche of a non-brokered private placement of 3,322,000 units at $0.25 per unit for gross proceeds of $850,000.
As quoted in the press release:

Each Unit consists of one common share (a “Share”) and one Share purchase warrant of the Company (a “Warrant”). Each Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at an exercise price of $0.35 per Warrant Share for a period of 18 months from the date of issuance until June 9, 2018; however, if the closing sales price of the Company’s Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSX Venture Exchange (“TSX.V”) (or such other securities exchange, quotation system or market on which such common shares are listed and where a majority of the trading volume of such common shares occurs) is $0.50 or greater for a period of ten (10) consecutive trading days, the Company may, within five days of such event, provide notice by way of press release to the subscribers of early expiry, and thereafter the Warrants shall expire on that date which is thirty (30) days from the date such notice is given (the “Acceleration Clause”).
No new insiders were created, nor any change of control occurred, as a result of this Offering.

Click here to read the full press release.