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Lithium Energy Products Announces the Close of its Bridge Financing and provides an Update of its Reverse Takeover Transaction
(via TheNewswire) Vancouver, British Columbia - TheNewswire - 6 th ...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Lithium Energy Products Announces the Close of its Bridge Financing and provides an Update of its Reverse Takeover Transaction(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - 6th January 2020 - LITHIUM ENERGY PRODUCTS INC. (\"Lithium Energy Products\" or \"LEP\" or the \"Company\") (TSXV:LEP) (FRANKFURT:N8I) announces that it has successfully arranged a bridge financing, representing the funds required to satisfy the closing conditions for the reverse takeover transaction with American Strategic Minerals Inc. (\"ASM\") which was announced on April 3, 2019 (the \"RTO Transaction\").\n\n \n \nThe bridge financing consists of the issuance of 2,500,000 common shares of the Company (\"Common Shares\") at a price of $0.08 per Common Share with 1,250,000 warrants attached with an exercise price of $0.15, valid for two years from the closing of the financing. \n\n \n \nThe Company is also pleased to announce that Sprott has signed an agreement to act as an adviser to the Company in connection with the RTO Transaction and the Offering. The Company may pay Sprott Capital Partners LP (\"Sprott\") a finder's fee of 8% of the gross proceeds and finders warrants up to 8% of the units sold. \n\n \n \nWith the closing of the bridge financing, the Company will pay certain external service providers up to $200,000, which will allow the Company to proceed towards the closing of the RTO Transaction.\n\n \n \nThe Company would also like to provide clarifications to the information provided in the news release dated November 19, 2019. That news release stated that the Company is arranging a brokered private placement of up to $3,500,000. The private placement will be a non-brokered private placement for up to $3,500,000. \n\n \n \nSprott will be acting as an advisor to the offering of up to 43,750,000 units (\"Units\") at a price of $0.08 per Unit (the \"Purchase Price\") for gross proceeds of up to $3,500,000 (the \"Offering\"). Each Unit is comprised of one Common Share and one half of one Common Share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder thereof to purchase one Common Share for a period of twenty-four (24) months after the closing of the Offering at an exercise price of $0.15 per Common Share.\n\n \n \nThe net proceeds from the Offering will be used to ...