Business
Critical Elements Announces Bought Deal Public Offering to Raise Gross Proceeds of $26,101,250
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ...
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"Critical Elements Announces Bought Deal Public Offering to Raise Gross Proceeds of $26,101,250NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESMONTREAL, QC / ACCESSWIRE / November 4, 2021 / Critical Elements Lithium Corporation (the \"Corporation\" or \"Critical Elements\") (TSXV:CRE)(FSE:F12) is pleased to announce that it has entered into an agreement with Cantor Fitzgerald Canada Corporation (the \"Underwriter\") pursuant to which the Underwriter has agreed to purchase on a \"bought deal\" basis pursuant to a short form prospectus for a total of 14,915,000 units (the \"Units\") of the Corporation at a price of C$1.75 per Unit (the \"Offering Price\") for gross proceeds of C$26,101,250 (the \"Underwritten Offering\"). Each Unit shall consist of one common share of the Corporation and one half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant shall be exercisable for one common share of the Corporation for a period of 24 months from the Closing Date (as herein defined) at an exercise price of C$2.50.In addition, the Corporation has granted the Underwriter an option (the \"Over-Allotment Option\" and together with the Underwritten Offering, the \"Offering\") to purchase additional Units at the Offering Price to raise additional gross proceeds of up to 15% of the Underwritten Offering, for a period of 30 days after and including the Closing Date to cover over-allotments, if any, and for market stabilization purposes.The net proceeds from the Offering are expected to be used by the Corporation to fund the development of the Rose lithium project and for general working capital purposes.Closing of the Offering is expected to take place on or about November 25, 2021 (the \"Closing Date\"), and is subject to certain conditions including, but not limited to the receipt of all applicable regulatory approvals including approval of the TSX Venture Exchange.The Units to be issued under the Offering will be offered by way of a short form prospectus in each of the provinces of Canada. The Units to be issued under the Offering may also be offered in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933 (the \"U.S. Securities Act\"), as amended, and cer...