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Lithium Ionic Announces Closing of $28.75 Million Underwritten Financing
TORONTO, July 31, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (“Lithium Ionic” or the “Company”) (TSXV:LTH) reports that it has closed its underwritten private
About this update from Lithium Ionic Corp
[{"type":"text","content":" TORONTO, July 31, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (“Lithium Ionic” or the “Company”) (TSXV:LTH) reports that it has closed its underwritten private placement financing (previously announced on July 13, 2023), including the exercise in full of the underwriters’ over-allotment option. A total of 13,690,635 common shares (the “Shares”) of the Company were issued at a price of $2.10 per Share (the “Offering Price”) for aggregate gross proceeds of $28,750,334 (the “Offering”). The Company intends to use the net proceeds from the Offering to continue funding mineral exploration and development activities at its Brazilian properties and for working capital requirements and general corporate purposes. Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented “We are very encouraged by the strong investor demand from this financing and we are pleased to welcome a new group of prominent global institutional funds and large retail investors to our share registry. We look forward to building on the momentum we’ve experienced so far as we quickly advance and grow the Itinga Lithium Project, and our other prospective properties in Brazil’s Lithium Valley.” The Offering was led by Clarus Securities Inc. and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) that included Desjardins Securities Inc. In connection with the Offering, the Underwriters received an aggregate cash fee equal to 6% of the gross proceeds from the Offering. In addition, the Company issued to the Underwriters 821,438 non-transferable broker warrants (the “Broker Warrants”). Each Broker Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price equal to the Offering Price for a period of 24 months following the closing of the Offering. The Shares issued will be subject to a four-month and one day hold period under applicable securities laws in Canada. The Offering remains subject to final approval of the TSX Venture Exchange (the “TSXV”). About Lithium Ionic Corp. Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in Brazil. Its flagship Itinga and Salinas projects cover 14,182 hectares in the northeastern part of Minas Gerais state, a mining-friendly jurisdiction...