Enertopia Corporation (CNSX:TOP; OTCQB:ENRT) has closed the first tranche of $104,814 for its private placement announced on April 16, 2018.
Enertopia Corporation (CNSX:TOP; OTCQB:ENRT) has closed the first tranche of $104,814 for its private placement announced on April 16, 2018. Enertopia will be issuing 1,746,900 common shares at six cents per share and 1,746,900 whole warrants that expire on May 11, 2020, with an exercise price of 7.5 U.S. cents during the 24-month period.
The company also reports one director purchased 200,000 units of the above private placement and exercised 200,000 options for proceeds of $12,000 (U.S.) to the company.
A cash finder’s fee of $9,281.40 and 144,690 full broker warrants was paid to third parties. All full broker warrants expire on May 11, 2020, with the same exercise terms aforementioned.
The company also announces the granting of 535,000 options to directors and consultants at an exercise price of six U.S. cents expiring five years from the date of grant.
“The first of the final runs of Li2CO3 (lithium carbonate) samples have been sent to third party labs for analysis. We look forward to providing a complete bench testing update and timeline for analysis in our lithium technology business in the coming days,” stated Robert McAllister, president and chief executive officer.
All issued shares will be subject to a hold period, for any resale into the United States under Rule 144, of six months and one day. Proceeds of the private placement will be used for continued lithium brine division development, project development and general working capital. The private placement will be subject to normal regulatory approvals.
About Enertopia Corp.
Enertopia is focused on using modern technology to build shareholder value. The company is working closely with Genesis Water Technologies (GWT) on an exclusive process to recover and produce battery-grade lithium from material sourced from the company’s Clayton Valley lithium project.
We seek Safe Harbor.