Western Lithium Increases Bought Deal to $7 Million

Western Lithium USA (TSX:WLC) announced that it would increase its previously announced bought deal financing to nearly C$7 million. Proceeds from the placement will be used to develop Western Lithium’s Kings Valley lithium project in Nevada, and for working capital and general corporate purposes.

As quoted in the press release:

The Underwriters have been granted the option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 30 days after the closing of the Offering. In the event that the over-allotment option is exercised in its entirety, the aggregate gross proceeds to the Company from the Offering will be approximately C$8 million.

Each Unit shall consist of one common share (“Share”) of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant shall entitle the holder thereof to acquire one Share at a price of C$0.90 for a period of 24 months following the closing of the Offering.

The Offering is scheduled to close on or about June 10, 2015. The Units will be offered in all provinces of Canada (except Quebec) by way of a short form prospectus. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

The net proceeds of the Offering will be used to advance development of the Company’s wholly-owned Kings Valley Lithium Project in Nevada and for working capital and general corporate purposes.

Click here to read the Western Lithium USA (TSX:WLC) press release