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Nemaska Lithium (TSXV:NMX) closed the final $1 million dollar tranche of its previously announced private placement, pursuant to its prospective supplement no. 5. 5 million units were issued at a price of $0.020 per unit for total gross proceeds of $1 million.
As quoted in the press release:
Each Unit consists of one common share of the Corporation (a “Common Share”) and one-half of one Common Share purchase warrant. Each whole Common Share purchase warrant entitles its holder to purchase one Common Share at a price of $0.28 at any time prior to 5:00 p.m. (Montreal time) on the date that is 24 months following the closing date.
The Corporation intends to use the net proceeds of the offering and other available funds for general working capital and administrative expenses as well as for Phase 1 plant detailed engineering.
In connection with the second tranche of the offering, the Corporation paid an aggregate cash commission of $50,000 as finder’s fees.The Corporation filed the Supplement no. 5 to the Short Form Base Shelf Prospectus dated March 4, 2013 with the securities regulatory authorities in each of the Provinces of Québec, Ontario, Alberta and British Columbia in connection with the offering.
Click here to read the Nemaska Lithium (TSXV:NMX) press release
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About Nemaska Lithium
“Nemaska intends to become a lithium hydroxide and lithium carbonate producer based in Québec and has filed patent applications for its proprietary methods to produce these compounds. In tandem, the Corporation is developing one of the richest spodumene lithium hard rock deposit in the world, both in volume and grade. Spodumene concentrate produced at Nemaska’s Whabouchi mine and from other global sources will be shipped to the Corporation’s lithium compounds processing plant to be built in Salaberry-de-Valleyfield, Québec. This plant will transform spodumene concentrate into high purity lithium hydroxide and lithium carbonate mainly for the growing lithium battery market.”