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Lithium Energy Products Announces the ramp-up of the Lost Sheep Fluorspar Mine in Utah and a Brokered Private Placement of $3,500,000
(via TheNewswire) Vancouver, British Columbia - TheNewswire - 19 th ...
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[{"type":"text","content":"Lithium Energy Products Announces the ramp-up of the Lost Sheep Fluorspar Mine in Utah and a Brokered Private Placement of $3,500,000(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - 19th of November 2019. LITHIUM ENERGY PRODUCTS INC. (\"Lithium Energy Products\" or \"LEP\" or the \"Company\") (TSXV:LEP) (FRANKFURT:N8I) today announced that as a result of its intention to ramp up its Lost Sheep fluorspar mine in Utah, it has engaged Sprott Capital Partners LP (the \"Agent\"), on a best efforts basis, as the exclusive placement agent to the Company, for a private placement of up to 43,750,000 units (the \"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 of the Company (each a \"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 purchase mining equipment, employ a professional workforce, upgrade processing facilities, construct an adit, and will provide the Company working capital to restart the mine. \n\n \n \nJames Walker, CEO of LEP said, \"We are very happy to be working with Sprott to ramp up the Lost Sheep fluorspar mine. Fluorspar is listed as a critical and strategic metal in the USA, and currently there are no producing mines in the country. Fluorspar is used extensively in the production of steel and aluminium, as well as the manufacture of hydrofluoric acid, cement, and refrigerants. Currently about 600,000 tonnes of fluorspar are imported into the US every year, from countries such as Mexico, Vietnam, and South Africa1. As result, the industry in North America struggles to secure consistent supply of quality product. We aim to provide a secure source of supply to a select group of fluorspar users. With newly purchased equipment, an expert staff, and a large market for our product, we are confident our fully permitted, past producing fluorspar mine, can be properly developed to become the only local supplier in the USA.\"\n\n \n \nProspectus Exemptions\n\n\n \nThe...