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Advantage Lithium Corp. (TSXV:AAL) is pleased to announce that further to the Company’s news release of September 6th 2016, the Company has completed its non-brokered private placement financing by issuing 8,456,900 units of the Company, at a price of $0.60 per unit to raise gross proceeds of $5,074,140.
Advantage Lithium Corp. (TSXV:AAL) is pleased to announce that further to the Company’s news release of September 6th 2016, the Company has completed its non-brokered private placement financing by issuing 8,456,900 units of the Company, at a price of $0.60 per unit to raise gross proceeds of $5,074,140. Each unit comprised one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share for a term of two years from the closing date at a price of $0.75 per share. All securities issued have a hold period expiring four months after issue.
The net proceeds from this financing will be used for working capital to allow the Company to fund anticipated corporate overheads, as well as work program commitments towards earn in obligations, and systematically advancing assets of the Company’s portfolio of ten projects covering approximately 112,286 acres, all in very favorable mining jurisdictions, including:
- United States (Nevada): Five projects covering 17,220 acres in total. Water rights in the Clayton Valley.
- Clayton NE: 1,000 acres adjacent to Albemarle (drill program underway)
- Jackson Wash: 3,300 acres (drill ready)
- Gemini: 4,940 acres (drill ready)
- Neptune: 6,320 acres (drill ready)
- Aquarius: 1,660 acres
- Argentina (Salta): Stella Marys project, 3,637 acres immediately adjacent to Orocobre’s high grade, shallow depth, lithium brine inferred resource.
- Mexico (Chihuahua and Coahuila): Four projects covering approx. 91,429 acres, held by claim applications.
David Sidoo, President and Director, of Advantage Lithium, commented: “Together with our existing funds, this financing, which was oversubscribed, will enable us to aggressively pursue the advancement of our projects. We have already commenced a drill program at Clayton NE, adjacent to Albemarle in Nevada, where we also have access to water rights. We will now be able to move forward with our advanced lithium project in Argentina as well as our early stage projects in Mexico. In addition, our technical team, led by award-winning geologist, Ross McElroy, is continuing to evaluate additional strategic acquisition opportunities.”
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