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Standard Lithium Announces Private Placement Led by Strategic Investor Commodity Capital and Management Participation
VANCOUVER, British Columbia, Jan. 30, 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, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLL) (OTCQX: STLHF) (FRA: S5L) is pleased to announce that it will conduct a non-brokered private placement of up to 8,000,000 special warrants (each, a “Special Warrant”), at a price of $0.75 per Special Warrant, for gross proceeds of up to $6,000,000. Long-standing strategic investor, Commodity Capital AG, has committed to invest and maintain their percentage interest in the Company and members of management, and the board of directors of the Company, intend to participate for a significant portion of the offering. Each Special Warrant will entitle the holder thereof to receive, upon voluntary exercise prior to, or deemed exercise on, the Automatic Exercise Date (as defined herein) and without payment or additional consideration, one (1) unit (each, a “Conversion Unit”) of the Company. Each Conversion Unit will consist of one (1) common share of the Company, and one-half-of-one common share purchase warrant (each whole warrant, a “Conversion Warrant”). Each Conversion Warrant will entitle the holder to acquire an additional common share of the Company, at a price of $1.00 per share for a period of twenty-four months, subject to an accelerated expiry if the closing price of the Company’s shares is greater than C$1.50 per share for a period of 15 consecutive trading days (the “Acceleration Event”). The Company will give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter. Each Special Warrant will be deemed exercised on the date (the “Automatic Exercise Date”) that is two (2) business days following the earlier of: (i) the date which is four-months-and-one-day from completion of the private placement; and (ii) the date on which the Company obtains a receipt from the applicable securities regulatory authorities (the “Securities Commissions”) for a final prospectus qualifying distribution of the Conversion Units. The Company will use its commercially reasonable efforts to obtain a receipt from the Securities Commissions for a final prospectus qualifying the distribution of the Conversion Units, upon exercise of the Special Warrants, on or before 5:00 p.m. (Vancouver time) on March 6, 2020. The Company intends to use the net proceeds of the private placement t...