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Critical Element Announces Closing of $6 Million Bought Deal Common Share Financing
MONTREAL, QUEBEC--(Marketwired - June 2, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Critical Ele
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":" MONTREAL, QUEBEC--(Marketwired - June 2, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Critical Elements Corporation (\"Critical Elements\" or the \"Company\") (TSX VENTURE:CRE)(OTCQX:CRECF)(FRANKFURT:F12) is pleased to announce that it has closed its private placement of 16,750,000 common shares at a price of $0.37 per share, which includes 2,750,000 common shares issued pursuant to the exercise in full of the over-allotment option, for gross proceeds totaling $6,197,500. The private placement was led by Canaccord Genuity Corp. The Company is very pleased to have arranged this offering with an elite group of institutions including lead investor JP Morgan Asset Management U,K., stated Jean-Sébastien Lavallée, President and Chief Executive Officer. The Underwriter will receive a cash commission of $433,825, and 1,172,500 non-transferable share purchase warrants entitling to purchase 1,172,500 common shares at the price of $0.37 until June 2, 2018. Canaccord Genuity will also be issued an additional 200,000 common shares as a corporate finance fee. The Company intends to use the net proceeds for exploration and development of the Company's projects and for general working capital purposes. Securities issued under the Offering and through the over-allotment option are subject to a four month hold period which will expire on October 3, 2016. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Critical Elements Corporation A recent financial analysis (Technical Report and Preliminary Economic Assessment (PEA) on the Rose lithium-tantalum Project, Genivar, December 2011) of the Rose project based on price forecasts of US$260/kg ($118/lb) for Ta2O5 contained in a tantalite concentrate and US$6,000/t for lithium carbonate (Li2CO3) showed an estimated after-tax Internal Rate of Return (IRR) of 25% for t...