Business
ACME Lithium Inc. Closes US$3 Million Funding with Lithium Royalty Corp. and Waratah Capital Advisors Ltd.
Vancouver, British Columbia--(Newsfile Corp. - March 9, 2022) - ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to announce t
About this update from Surface Metals Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 9, 2022) - ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the \"Company\", or \"ACME\") is pleased to announce that, further to its news release of February 3rd, 2022, it has closed its US$3 Million funding agreement (the \"Transaction\") with Lithium Royalty Corporation (\"LRC\"), a leading battery metals royalty and streaming company, and Waratah Capital Advisors Ltd (\"Waratah\"). The Transaction consists of a private placement financing and a royalty sale on ACME's two projects in Manitoba, Canada. As a result of the funding, ACME's working capital is approximately C$7.2 million with no debt. The Transaction ACME received US$650,000 from the grant of project royalties on its Manitoba lithium assets and US$2,350,000 by way of non-brokered private placement (the \"Private Placement\"). Total funding to ACME is US$3 Million or approximately C$3,821,705. LRC has purchased a 2% Gross Overriding Royalty on lithium or other metals over ACME's Euclid-Cat Lake and Shatford Lake projects located in southeast Manitoba for US$650,000 or approximately $C832,975 with proceeds to be directed to exploration on those properties. ACME has issued 3,179,500 units (the \"Units\") in a non-brokered private placement at a price of C$0.94 per Unit for gross proceeds of C$2,988,730 or approximately US$2,350,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share for two years at a price of C$1.22. The private placement consisted of: Waratah Capital Advisors Ltd. Electrification and Decarbonization AIE LP (\"E&D\") subscribing for 2,705,958 units for proceeds of C$2,543,600. Lithium Royalty Corporation subscribing for 473,542 units for proceeds of C$445,130. All securities that are issued pursuant to the Private Placement with be subject to, among other things, a hold period of four months and one day in accordance to applicable Canadian securities laws. ACME will use the gross proceeds of the Private Placement for exploration at its 100% owned Cat-Euclid and Shatford Lake lithium projects in south east Manitoba and its Clayton Valley and Fish Lake Valley, Nevada projects, as well as general working capital purposes. ACME holds 27 claims totaling approximately 11,803 acres strat...