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NOA Lithium Announces Investment of $13.5 Million Led by New Strategic Investor and Private Placement and Application to Extend Warrants
BUENOS AIRES, ARGENTINA / ACCESSWIRE / October 15, 2024 / NOA Lithium Brines Inc. (TSXV:NOAL)(FS...
About this update from Noa Lithium Brines Inc
[{"type":"text","content":"NOA Lithium Announces Investment of $13.5 Million Led by New Strategic Investor and Private Placement and Application to Extend WarrantsBUENOS AIRES, ARGENTINA / ACCESSWIRE / October 15, 2024 / NOA Lithium Brines Inc. (TSXV:NOAL)(FSE:N7N) (\"NOA\" or the \"Company\") is pleased to announce that it has entered into a subscription agreement (the \"Equity Subscription Agreement\") with an arm's length investor, Clean Elements Ltd. (the \"Investor\"), in respect of a strategic non-brokered private placement (the \"Offering\"), of 79,411,764 units (the \"Units\") of the Company at a price of $0.17 per Unit for aggregate gross proceeds of $13,500,000 (the \"Offering Amount\"). Each Unit will consist of one common share (a \"Common Shares\") of the Company and one Common Share purchase warrant (each a \"Warrant\"). Each Warrant will be exercisable for one Common Share (each a \"Warrant Share\") at a price of $0.221 per Warrant Share for a period of 30 months from the closing of the Offering.The Investor is a private holding company specifically founded to develop high performing lithium assets globally. Clean Elements partnered with Swiss financial expert firm ISP Securities Ltd. to strategically structure the deal and the transaction. Clean Elements is expected to own approximately 36.7% of NOA's issued and outstanding Common Shares on a non-diluted basis and prior to completion of the Private Placement (defined below).NOA's Chief Executive Officer, Gabriel Rubacha, states: \"This strategic investment represents a pivotal moment for NOA and is a strong endorsement of our flagship Rio Grande project and our technical team. This investment provides NOA with additional capital that will be used to increase shareholder value by accelerating exploration activities, expanding resource estimates and fast-tracking the development of our high-quality pipeline of lithium projects in Salta.\"Clean Element's Chairman, Ofer Amir, states: \"Clean Elements surveyed the Argentinian market for a lengthy period and chose NOA as a worthy and quality asset showing immense potential. We were greatly impressed by the assets of the Company and more so by the quality and professionalism of its management coupled with years of experience and unequivocal integrity. We look forward to working together with NOA's management and to develop and ameliorate the asse...