By Devika Patel
Knoxville, Tenn., April 30 - Western Lithium Canada Corp. said it has once again amended the terms of a private placement of units. The company now plans to raise C$5.5 million in the financing.
As previously reported, the deal priced for C$4.03 million on April 7, with a C$1.04 million greenshoe, and was lifted to C$5 million on April 22.
Western Lithium plans to sell 11 million units of one common share and one warrant at C$0.50 apiece. The whole warrants will be exercisable at C$0.60 for two years.
The units originally were priced at C$0.65 each and included a half-share warrant, which was exercisable at C$0.80 for one year.
Haywood Securities Inc. is the agent.
Settlement is expected May 6.
Proceeds will be used to fund engineering and development studies for the company's lithium project in Nevada and for general corporate purposes.
Based in Vancouver, B.C., Western Lithium is a lithium resource company.
| Issuer: | Western Lithium Canada Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5.5 million
|
| Units: | 11 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Haywood Securities Inc.
|
| Pricing date: | April 7
|
| Amended: | April 22, April 30
|
| Settlement date: | May 6
|
| Stock symbol: | TSX Venture: WLC
|
| Stock price: | C$0.69 at close April 6
|
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