ION Energy said it has completed a non-brokered private placement of four million units of the company, at $0.25 per unit, for gross proceeds of $1 million.
The company said the proceeds of the offering will be used for exploration activities at its properties and general corporate purposes.
Each unit offered consisted of one share and one share purchase warrant that entitles the holder to acquire a share for $0.40 for a period of 12 months from closing, subject to certain conditions.
"The company is extremely pleased to announce the closing of this non-brokered offering that allows ION Energy to advance the very first maiden resource estimate for brine in Mongolia, at our highly encouraging Urgakh Naran site,” ION CEO Ali Haji said in a statement.
“With the recent critical metals interest in Mongolia from governments and strategics alike, ION's vision is being realized. This also paves the way for the commencement of exploration at our very exciting, newly-acquired Northwest Territories Tier 1 asset.”
ION is committed to exploring and developing high-quality lithium resources in strategic jurisdictions.
ION's flagship, 81,000-plus hectare Baavhai Uul lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia. It also holds the 29,000-plus hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi Province in Mongolia.
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