Rodinia Lithium (TSXV:RM; OTCQX:RDNAF) has raised approximately $5 million through a stock and warrants offering.
Approximately 16.9 million units of the company sold were at $0.30 per unit. Each unit is comprised of one common share of the company and one-half of one common share purchase warrant.
Each warrant is exercisable for one Rodinia common share at a price of $0.40, with an expiration date of September 10, 2012.
The net proceeds from the offering will be used for the development of the company’s Salar de Diablillos lithium brine projects, as well as property payments on the Salar de Diablillos, the Salar de Salinas Grandes and the Salar de Ratones properties located in Argentina, and general working capital purposes.
The underwriting syndicate led by Canaccord Genuity, and including Byron Securities, Cormark Securities and Macquarie Capital Markets Canada, collectively received approximately $0.35 million in cash and 1.2 million warrants. Each warrant is exercisable at a price of $0.30 per share in exchange for one Rodinia common share with an expiration date of September 10, 2012.
Rodinia Lithium is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium brine producer in North America, and its Diablillos project in Salta, Argentina.