Lodestar Battery Metals Corp. (TSX-V:LSTR, OTCQB:SVTNF) CEO Lowell Kamin has told investors that the company is ending the 2022 calendar year in a strong position after closing a new financing round to advance geochemical and geophysical work on its Peny project in Manitoba.
The firm closed a non-brokered flow-through private placement financing of 4 million units at a price of $0.10 per unit for total proceeds of $400,000.
"We believe raising the capital we need to execute on our strategic growth without depleting our treasury will ultimately drive long-term value creation for our shareholders,” Kamin said in a statement.
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"2022 has been a year of significant growth as we enhanced our leadership team, repositioned our company to focus on battery metals, and rebranded our business,” the CEO added.
Kamin outlined Lodestar’s strategic priorities for the coming year: maximizing the geographic expansion and exploration of Peny; identifying and pursuing strategic acquisitions; continuing to strengthen the balance sheet; and enhancing investor relations program to increase visibility and shareholder engagement.
“We are ending the year in a strong position and thank our shareholders for their ongoing support,” Kamin said.
Under the terms of the financing, each unit will consist of one flow-through common share and one-half of one common share purchase warrant that entitles the holder to purchase a share at an exercise price of $0.15 for a period of three years from the date of issue.
Lodestar’s 100% owned flagship Peny property is comprised of fifteen mineral claims totalling 3,204 hectares in the Snow Lake District, Manitoba.
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