Deal funds studies at Sal de Vida lithium-potash brine project
By Toni Weeks
San Diego, Feb. 24 - Lithium One Inc. said it settled a non-brokered private placement of stock. The company raised C$9.78 million.
The company sold 9,318,810 common shares at C$1.05 apiece. The price per share represents an 11.76% discount to the Feb. 23 closing share price of C$1.19.
Lithium One said it paid finder's fees of 227,429 shares.
Proceeds will be used to fund the company's portion of the Sal de Vida lithium-potash brine project feasibility costs, including long-term pumping tests, metallurgical testing and the final feasibility study report, as well as for payments under land purchase agreements and general working capital.
Lithium One is a Vancouver, B.C., producer of lithium and potash.
| Issuer: | Lithium One Inc.
|
| Issue: | Common shares
|
| Amount: | C$9,784,751
|
| Shares: | 9,318,810
|
| Price: | C$1.05
|
| Warrants: | No
|
| Settlement date: | Feb. 24
|
| Stock symbol: | TSX Venture: LI
|
| Stock price: | C$1.19 at close Feb. 23
|
| Market capitalization: | C$75.99 million
|
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