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Nevada Lithium Resources Announces Closing of $3.56 Million Tranche of Brokered Private Placement
VANCOUVER, BC, Dec. 1, 2021 /CNW/ - Nevada Lithium Resources Inc. (CSE: NVLH) (FSE: 87K) ("Nevada Lithium" or the "Company") is pleased to announce that it has
About this update from Nevada Lithium Resources, Inc.
[{"type":"text","content":" VANCOUVER, BC, Dec. 1, 2021 /CNW/ - Nevada Lithium Resources Inc. (CSE: NVLH) (FSE: 87K) (\"Nevada Lithium\" or the \"Company\") is pleased to announce that it has closed the first tranche of its previously announced private placement offering of special warrants of the Company (the \"Special Warrants\"), pursuant to which the Company issued 7,916,444 Special Warrants at a price of $0.45 per Special Warrant, for aggregate gross proceeds of $3,562,399.80 (the \"Offering\"). The Offering was led by Research Capital Corporation as lead agent and sole bookrunner, on behalf of a syndicate, including Echelon Wealth Partners Inc. (together, the \"Agents\"). In connection with the Offering, PowerOne Capital Markets Limited (\"PowerOne\") acted as an adviser to the Company. From the net proceeds of the Offering, the Company will make a USD$2,000,000 payment to Iconic Minerals Ltd. (TSXV: ICM) (\"Iconic\") later today, which will increase the Company's aggregate ownership interest in the Bonnie Claire Project to 35%. The Company and Iconic have also agreed to an amendment of the Option Agreement that extends the deadline for the third and final option payment of USD$2,000,000 (\"Third Option Payment\") under the agreement until December 15th, 2021. Upon making of the Third Option Payment, the Company will have earned an aggregate 50% ownership interest in the Bonnie Claire Project. \"We are excited to announce our pending exercise of the second option on Bonnie Claire, after which we will own 35% of what we believe is one of the most attractive global lithium deposits remaining in junior developers' hands. With the receipt of an accepted Plan of Operations anticipated in the near future, we look forward with our Iconic partners to a very productive 2022 ground campaign at Bonnie Claire. This campaign will significantly build upon the foundation of our 43-101 Technical Report Preliminary Economic Assessment, with the goals of de-risking the Bonnie Claire Project and contributing to an eagerly anticipated Pre-Feasibility Study\" said Nevada Lithium CEO, Stephen Rentschler. The remaining net proceeds of the Offering will be used for working capital purposes. The Company anticipates completing a second tranche of the Offering on or prior to December 14, 2021, the net proceeds of which will be used to fund the Third...