Southern Lithium Announces Closing of Second and Final Tranche of Private Placement

Southern Lithium (TSXV:SNL) has announced that it has completed the second and final tranche of the non-brokered private placement of 48,000 units for aggregate gross proceeds of $12,000.
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 21, 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 (“TSXV”) (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”).
In connection with the first and second tranche of the Offering, the Company paid additional finders fees of a total of $33,200 in cash and issued 132,800 finder’s warrants (“Finder’s Warrants”) in accordance with the policies of the TSXV. Each Finder’s Warrant is convertible into one Share (a “Finder’s Warrant Share”) at a price of $0.35 per Finder’s Warrant Share for a period of 18 months from the date of issuance until June 21, 2018, subject to the Acceleration Clause.

Click here to read the full press release.