Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF) has announced plans to raise approximately C$6 million to advance its Bonnie Claire lithium project, following the identification of boron on the property.
In a statement, CEO Stephen Rentschler said that the offering “provides Nevada Lithium with additional capital that can be used to increase shareholder value from our newly identified high-grade lithium and boron mineralization.
“Our 100% owned Bonnie Claire Project continues to build on its stature as one of the largest lithium resources in North America, located in the premier mining jurisdiction of Nevada. We are confident that Bonnie Claire is one of the most attractive undeveloped lithium assets in the world.”
The non-brokered private placement includes units at a price of C$0.15 per unit. Each unit will include one common share and one warrant, with each warrant exercisable into one share at C$0.25 for a period of three years from the offering's completion.
The net proceeds will be directed towards advancing the Bonnie Claire Lithium project in Nye County, Nevada, specifically for an updated Preliminary Economic Assessment (PEA) and Pre-Feasibility Study (PFS), as well as for general corporate purposes.