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Standard Lithium Raises $12 Million in Oversubscribed Private Placement
VANCOUVER, British Columbia, Feb. 21, 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, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLL) (OTCQX: STLHF) (FRA: S5L) is pleased to announce that due to strong market demand, the previously announced $9 million non-brokered private placement of special warrants (each, a “Special Warrant”) has now closed oversubscribed for gross proceeds of $12,105,165. In connection with closing, the Company has issued 16,140,220 Special Warrants at a price of $0.75 per Special Warrant. Highlights: Two strategic investors subscribed for 4,100,000 Special Warrants or $3,075,000 Meaningful participation from the Company’s board of directors and senior management and technical team members Chief Executive Officer, Robert Mintak, President and Chief Operating Officer, Dr. Andy Robinson, and Director, Anthony Alvaro, subscribed for a total of 1,066,667 Special Warrants or $800,000 Standard Lithium Chief Executive Officer, Robert Mintak, stated, “We are very happy with the outcome of this oversubscribed financing and the support for the Company by our significant shareholders. Participation from management, including members of our technical team, and our board of directors reinforces our team’s strong confidence in the project. The funding will allow Standard Lithium to maintain our rapid development momentum and focus on the successful delivery of a number of major near-term milestones including the successful commissioning and continuous operation of our LiSTR direct lithium extraction demonstration plant which will provide the proof of concept required for a final investment decision.” Dr. Andy Robinson, COO and President, commented, “This funding round demonstrates that management’s strategy is fully aligned with our shareholders and we are confident that our strengthened balance sheet will accelerate the project’s final stages of de-risking and Standard Lithium’s rapid transition from developer towards producer.” Each Special Warrant entitles 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...