Lithium X Energy Announces $15 Million Bought Deal Financing

Lithium X Energy (TSXV:LIX) has announced it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity and GMP Securities pursuant to which they have agreed to buy, on a bought-deal basis, 7.9 million shares of Lithium X at $1.90 per share for gross proceeds of $15 million.
As quoted in the press release:

In addition, the Company has granted the Underwriters an option (the “Over-Allotment Option”), to purchase up to 1,185,000 additional Shares at the Offering Price for a period of 30 days after and including the closing date. In the event that the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the Offering will be C$17,261,500.
The net proceeds of the Offering are expected to be used for exploration and development work on the Company’s Sal de Los Angeleslithium project in Salta, Argentina and for general working capital purposes.
The Shares will be offered by way of a short form prospectus to purchasers in British Columbia, Alberta and Ontario, in certain offshore jurisdictions, and in the United States on a private placement basis pursuant to applicable exemptions under the United States Securities Act of 1933, as amended (the “1933 Act”). The Shares have not been and will not be registered under the 1933 Act and they may not be offered or sold in the United States or to a US person unless and exemption from registration is available. This press release does not constitute an offer to sell the Shares in the United States or to US persons.
The Offering is expected to close on or about March 14, 2017. Closing of the Offering is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Click here to read the full press release.