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Nevada Lithium Announces Closes $5.12 Million Upsized Financing
VANCOUVER, BC, Feb. 24, 2023 /CNW/ - Nevada Lithium Resources Inc. ("Nevada Lithium" or the "Company") (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) is pleased to annou
About this update from Nevada Lithium Resources, Inc.
[{"type":"text","content":" VANCOUVER, BC, Feb. 24, 2023 /CNW/ - Nevada Lithium Resources Inc. (\"Nevada Lithium\" or the \"Company\") (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) is pleased to announce that today it closed its non-brokered private placement offering of 38,530,000 Subscription Receipts (as defined below) at a price of $0.125 per Subscription Receipt (the \"Issue Price\") for aggregate gross proceeds of $5,120,998 (the \"Offering\"). Stephen Rentschler, CEO of Nevada Lithium stated, \"We are very grateful for the overwhelming demand on this offering which included strong support from existing sophisticated shareholders as well as new strategic investors. The consolidation of this world-class asset greatly enhances the Company's ability to negotiate with strategic investors and lithium end-users. We continue to advance the Bonnie Claire Project on multiple fronts and believe the Bonnie Claire Project is one of the most attractive global lithium assets remaining in junior developers' hand.\" The Offering was undertaken in connection with the Company's previously announced consolidation of 100% ownership interest of the Bonnie Claire Lithium project (the \"Bonnie Claire Project\"), which is currently jointly held by Iconic Minerals Ltd. (\"Iconic\") and Nevada Lithium, by way of a court approved plan of arrangement (the \"Transaction\"). For further details regarding the Transaction, please refer to the press releases of the Company dated January 9, 2023 and January 23, 2023 available on SEDAR at www.sedar.com. The Offering was comprised of: (A) concurrent non-brokered private placement financings completed by the Company and the Company's wholly-owned subsidiary, 1396483 B.C. Ltd. (\"Nevada MergeCo\"), whereby Nevada Lithium issued 14,780,000 Subscription Receipts (the \"Nevada Lithium Subscription Receipts\") at the Issue Price and Nevada MergeCo issued 23,750,000 Subscription Receipts (the \"Nevada MergeCo Subscription Receipts\" and together with the Nevada Lithium Subscription Receipts, the \"Subscription Receipts\") at the Issue Price; and (B) the issue and sale of promissory notes of Nevada Lithium (the \"Promissory Notes\") in the principal amount of $304,748. The Nevada Lithium Subscription Receipts were issued pursuant to and are governed by the terms of a subscription receipt agreement dated February 24, 2023. The Nevada MergeCo Subscript...