Business
Lithium Africa Closes $8.8 Million Brokered Private Placement of Units
Lisbon, Portugal--(Newsfile Corp. - March 18, 2026) - Lithium Africa Corp. (TSXV: LAF) (form...
About this update from Lithium Africa Corp.
[{"type":"text","content":"Lithium Africa Closes $8.8 Million Brokered Private Placement of UnitsLisbon, Portugal--(Newsfile Corp. - March 18, 2026) - Lithium Africa Corp. (TSXV: LAF) (formerly named Lombard Street Capital Corp.) (the \"Company\") is pleased to announce that it has closed its previously announced upsized private placement of 4,411,565 units of the Company (the \"Units\") at a price of C$2.00 per Unit for gross proceeds of C$8,823,130 (the \"Offering\").In connection with the Offering, the Company is pleased to welcome Purpose Global Resource Fund as a new significant shareholder, having subscribed for approximately C$3.3 million, representing 6.7% of the Company's issued and outstanding shares following closing, on an undiluted basis.Each Unit consisted of one share in the capital of the Company (a \"Unit Share\") and one-half of one share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Unit Share (a \"Warrant Share\") at an exercise price of C$2.80 per Warrant Share for a period of 3 years following the closing of the Offering.ATB Cormark Capital Markets acted as the agent in connection with the Offering (the \"Agent\").The net proceeds from the sale of the Units will be used as partial consideration in connection with the acquisition of the Springbok Project and for working capital and general corporate purposes. An overview of the Springbok Project and the transaction terms are provided in the Company's news release dated February 25, 2026.Pursuant to an agency agreement among the Company and the Agent dated March 18, 2026, the Company: (i) paid a cash fee of approximately C$587,708 to the Agent; and (ii) issued 293,854 broker warrants (the \"Broker Warrants\") to the Agent. Each Broker Warrant is exercisable into one common share of the Company at the Offering Price for a term of two years expiring on March 18, 2028. The Offering was completed pursuant to applicable exemptions from prospectus requirements under applicable securities laws. The Units were also offered for sale in the United States pursuant to available exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\"). The Units, Unit Shares and Warrants issued pursuant to the Offering are subject to a statutory hold period in Canada ...