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Western Lithium USA Corporation (TSX:WLC,OTCQX:WLCDF) has closed its previously-announced bought deal offering with Dundee Securities Ltd.. The announcement was made on behalf of a syndicate including Haywood Securities Inc., with RK Equity Capital Markets LLC acting as a U.S. Placement Agent. The offering consisted of 15,870,000 units of Western Lithium priced at C$0.58 per unit for aggregate gross proceeds of C$9,204,600 including units issued on the exercise in full under an over-allotment option for the underwriters.
Western Lithium USA Corporation (TSX:WLC,OTCQX:WLCDF) has closed its previously-announced bought deal offering with Dundee Securities Ltd.. The announcement was made on behalf of a syndicate including Haywood Securities Inc., with RK Equity Capital Markets LLC acting as a U.S. Placement Agent. The offering consisted of 15,870,000 units of Western Lithium priced at C$0.58 per unit for aggregate gross proceeds of C$9,204,600 including units issued on the exercise in full under an over-allotment option for the underwriters.
As quoted in the press release:
The Company’s current cash balance is approximately CDN$16.6 million after giving effect to the net proceeds of the Offering of approximately CDN$8.4 million. The Company intends to use the funds available to it for the completion of the organoclay manufacturing plant in Nevada, which is scheduled for commissioning in the fall of 2014, the procurement of the equipment and operation of the Lithium Demonstration Plant in Germany in the fourth quarter of 2014 and for working capital and general corporate purposes.
Click here to read the Western Lithium USA Corporation (TSX:WLC) press release
