By Devika Patel
Knoxville, Tenn., March 25 - Lithium Corp. said it settled a $2 million non-brokered private placement of units.
The company sold 2 million units at $1.00 apiece. Each unit consists of one common share and one warrant. Each two-year warrant is exercisable at $1.20 in the first year and at $1.35 thereafter.
Proceeds will be used for exploration.
Reno, Nev.-based Lithium explores for clean energy sources.
Issuer: | Lithium Corp.
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Issue: | Units of one common share and one warrant
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Amount: | $2 million
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Units: | 2 million
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Price: | $1.00
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | $1.20 in the first year, $1.35 thereafter
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Agent: | Non-brokered
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Settlement date: | March 25
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Stock symbol: | OTCBB: LTUM
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Stock price: | $1.25 at close March 24
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Market capitalization: | $76.9 million
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