Lithium X Closes $15 Million Bought Deal Financing

Lithium X (TSXV:LIX) has announced it has closed its previously announced bought deal public offering of 7.9 million shares at $1.90 per share for proceeds of $15 million.
As quoted in the press release:

The Shares were sold by a syndicate of underwriters led by Canaccord Genuity Corp. and GMP Securities L.P.
The Shares issued under the Offering were offered by way of a short form prospectus dated March 8, 2017 (the “Prospectus”) in the provinces of British Columbia, Alberta and Ontario. Copies of the Prospectus and documents incorporated by reference therein are available electronically under the Company’s issuer profile on SEDAR at www.sedar.com.
As described in the Prospectus, the Company intends to use the net proceeds of the Offering to continue the development of the Sal de los Angeles lithium brine project (the “Sal de los Angeles Project”) in the Salta province, Argentina including: (i) the completion of a work program with a view to providing an updated mineral resource estimate for the Sal de los Angeles Project; (ii) the completion of a feasibility study on the Sal de los Angeles Project; and (iii) the construction of an initial ponding facility. The Company also intends to use a portion of the net proceeds for general working capital purposes.
The Shares sold pursuant to the Offering are listed on the TSX Venture Exchange (the “TSXV”) under the Company’s trading symbol LIX.

Click here to read the full press release.