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Standard Lithium Announces Closing of $11.4 Million Bought Deal Including Partial Exercise of Over-Allotment Option
VANCOUVER, British Columbia, March 21, 2019 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLL) (OTCQX: STLHF) (FRA: S5L
About this update from Standard Lithium Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, March 21, 2019 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLL) (OTCQX: STLHF) (FRA: S5L) is pleased to announce that it has closed its previously announced bought deal offering (the “Offering”), including the partial exercise of the over-allotment option. A total of 11,390,500 units (the “Units”) of the Company were issued at a price of $1.00 per Unit for gross proceeds of $11,390,500. Each Unit is comprised of one common share and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.30 per share, subject to adjustment in certain events, until March 21, 2022. The Units were offered and sold by way of a short form prospectus filed in each of the provinces of Canada, excluding Quebec, and offered and sold elsewhere outside of Canada on a private placement basis. The net proceeds from the Offering are expected to be used by the Company for the completion of the Company’s lithium extraction pilot plant, advancing its LANXESS Project and for working capital and general corporate purposes. The Offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp. and including PI Financial Corp. The Offering included participation from two directors of the Company in the aggregate amount of 150,000 Units. Their participation in the Offering is a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements under sections 5.4 and 5.6 MI 61-101, as the fair market value of the participation is not more than 25% of the Company’s market capitalization. The Company did not file a material change report in connection with the participation more than 21 days before the expected closing date of the Offering, as the details of the participation by the two directors was not settled until shortly prior to closing of the Offering. About Standard Lithium Ltd. Standard Lithium (TSXV: SLL) is a specialty chemical company focused on unlocking the value of existing large-scal...