ACME Lithium Inc said it has closed the first tranche of its previously announced, non-brokered private placement financing, raising gross proceeds of up to C$277,749 by issuing 1,851,660 company units at a price of C$0.15 each.
The mineral exploration company noted that proceeds of the offering will be used to fund its lithium projects in North America, as well as for general working capital purposes.
Each unit comprises one company common share plus one-half of one transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional ACME Lithium common share at a price of C$0.30 for two years from the closing of the offering.
ACME added that certain company directors and management have purchased a total of C$65,250 of the offering.
As well, the company stated that finder's fee of $9,099.93 and 60,666 finder's warrants were paid to arm's length parties in connection with the offering.
All securities issued in the offering will be subject to, among other things, a hold period of four months and one day in accordance with applicable Canadian securities laws.
ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies.
The company has acquired or is under option to acquire a 100% interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba, and at Bailey Lake in northern Saskatchewan.
Contact Sean at sean@proactiveinvestors.com