Business
SPOD Lithium Announces the Closing of the First Tranche of a Private Placement Offering
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2024) - SPOD LITHIUM CORP. (CSE: SPOD) (OTCQB: SPODF) (the "Company" or "SPOD") is pleased to announ
About this update from Spod Lithium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 11, 2024) - SPOD LITHIUM CORP. (CSE: SPOD) (OTCQB: SPODF) (the \"Company\" or \"SPOD\") is pleased to announce the closing of the first tranche of its private placement for gross proceeds of $385,000 (the \"Offering\"). In connection with the closing of the Offering, the Company issued 7,700,000 units (the \"Units\") at a price of $0.05 per Unit. Each Unit consists of one common share (a \"Common Share\") in the capital of the Company and one Common Share purchase warrant (a \"Warrant\") of the Company, whereby each whole Warrant will convertible into one additional Common Share at an exercise price of $0.10 for a period of twenty-four (24) months following the closing date of issuance. The Warrants include an acceleration clause to the effect that if the daily volume weighted average closing price of the common shares on the Canadian Securities Exchange (the \"CSE\") is at least $0.20 per Common Share for a period of twenty (20) consecutive trading days, (the \"Triggering Event\"), the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 10 calendar days after the date on which such notice is given by the Company announcing the Triggering Event. The Company intends to use the net proceeds of the Offering for general working capital purposes. The Company anticipates closing additional tranches of the Offering up to a cumulative total inclusive of this first tranche of $750,000. The securities issued under the Offering, and any Common Shares that may be issuable on exercise of the Warrants, will be subject to a statutory hold period expiring four months and one day from the date of issuance. The Company paid a cash commission of $15,400 to Haywood Securities Inc. (\"Haywood Securities\") and issued 308,000 finder's warrants as part of their finder's fee compensation in connection with subscriptions received from subscribers introduced to the Offering by Haywood Securities and $5,250 to Raymond James Ltd. (\"Raymond James\") and issued 105,000 finder's warrants as part of their finder's fee compensation, in connection with subscriptions received from subscribers introduced to the Offering...