Southern Lithium Increases Private Placement Offering to $1.6 Million

Southern Lithium (TSXV:SNL) has announced that it has increased its non-brokered private placement announced February 7, 2017 from $1 million to $1.6 million.
As quoted in the press release:

This offering will consist of 6,400,000 units (each “Unit”) at a purchase price of $0.25 per Unit, for gross proceeds of up to $1,600,000. Each Unit will consist of one (1) common share (“Common Share”) of the Company and one (1) non-transferable share purchase warrant (“Warrant”).
Each Warrant will entitle the holder to acquire one (1) Common Share at an exercise price of $0.35 for a period of 18 months from the closing date of the Private Placement. In the event that the Company’s common shares trade at a closing price greater than $0.50 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the (“Forced Conversion Feature”) on which such notice is given by the Company.
Southern Lithium CEO, Clive Massey, commented, “we recently completed a TEM Geophysics survey at our Cruz Property, the results of which are very promising. We are now fully engaged in the process of selecting drill targets for next phase of exploration. In preparation for the exploration we have deposited $500,000 USD in a joint account with Millennial as required under the terms of the agreement. The proceeds of the Private Placement will be used to finance and further our exploration activity and to create additional working capital for the company.

Click here to read the full press release.

Source: southernlithium.com