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Standard Lithium Announces Closing of Oversubscribed $34.5 Million Public Offering of Common Shares
VANCOUVER, British Columbia, Dec. 18, 2020 (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, Dec. 18, 2020 (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 marketed public offering (the “Offering”), including the full exercise of the over-allotment option. A total of 15,697,500 common shares of the Company (the “Shares”) were issued at a price of $2.20 per Share for aggregate gross proceeds of $34,534,500. HIGHLIGHTS Offering lead by cornerstone investment from ESG-focused BNP Paribas Energy Transition fund. Net proceeds from the Offering will be used to fund ongoing work programs to advance the LANXESS Project, including ongoing testing and optimization work underway at the SiFT lithium carbonate crystallization pilot plant and the LiSTR Direct Lithium Extraction demonstration plant, preliminary engineering work to advance commercial development of the Company’s proprietary lithium extraction process, negotiation and development of a joint venture with LANXESS Corporation, and for working capital and general corporate purposes. The Offering was conducted on a “best efforts” agency basis by Roth Canada, ULC and Echelon Wealth Partners Inc., as co-lead agents and joint bookrunners, together with Roth Capital Partners, LLC as the exclusive placement in the United States. Standard Lithium CEO Robert Mintak stated “On behalf of the board I am pleased to welcome top performing ESG focused BNP Paribas Energy Transition fund as a substantial shareholder of the Company and would like to thank our other respected institutional investors for their continued support. With the closing of this financing coupled, with the receipt of $5,502,009 since October 1, 2020 from the exercise of previously issued warrants, the Company is well positioned to aggressively advance our strategic development plans for 2021 and progress towards building the first new American commercial lithium project in over 50 years”. About Standard Lithium Ltd. Standard Lithium (TSXV: SLL) is an innovative technology and lithium development company. The company’s flagship project is located in southern Arkansas, where it is engaged in the testing and proving of the commercial viability of lithium extraction from over 150,000 acres of permitted brine operations. The Company has commissioned its first-of-a-kind industrial...