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Grounded Lithium Announces Private Placement of $500,000 With Insider Commitment of $250,000
Grounded Lithium Announces Private Placement of $500,000 With Insider Commitment of $250,000 ...
About this update from Grounded Lithium Corp
[{"type":"text","content":"\n \n \n \n Grounded Lithium Announces Private Placement of $500,000 With Insider Commitment of $250,000\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n . FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF\n \n UNITED STATES\n \n SECURITIES LAW/\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sept. 7, 2023\n \n \n /CNW/ - (TSXV: GRD) (OTCQB: GRDAF) - Grounded Lithium Corp. (\"\n \n GLC\n \n \" or the \"\n \n Company\"\n \n ) announces a non-brokered private placement for a minimum of\n \n $500,000\n \n (the \"\n \n Financing\n \n \") with commitments from certain insiders of\n \n $250,000\n \n . The private placement will be comprised of a unit offering with the underlying Class A common share (\"\n \n Common Shares\n \n \") priced at\n \n $0.11\n \n per share, with a ½ Common Share purchase warrant (the \"\n \n Warrant\n \n \") attached to each unit. Each whole Warrant may be exercised into a Common Share at a strike price of\n \n $0.18\n \n for up to 24 months. The Warrants also have a forced acceleration clause wherein, if the trading price of the Common Shares trades at a 50% premium to the Warrant strike price (\n \n $0.27\n \n per share) for 20 consecutive trading days, the Company can elect to force conversion on 30 days' notice. The Common Shares will be subject to a four-month hold period pursuant to securities regulations. Should the Company close on the minimum Financing which is expected to be on or around\n \n September 20, 2023\n \n , insider ownership of the Company will be approximately 16%.\n \n \n The proceeds will be used for general corporate purposes and advancing the engineering design on our field pilot.\n \n \n \"With a recently filed independent preliminary economic assessment of the Kindersley Lithium Project, Phase 1, concluding an after-tax net present value of greater than\n \n US$1 billion\n \n , we are excited to move the Company forward by executing on the business plan and beg...