Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF) announced it has completed a non-brokered private placement for gross proceeds of $6 million which will be used to advance its 100%-owned Bonnie Claire lithium project in Nevada towards an updated Preliminary Economic Assessment and Pre-Feasibility Study.
The lithium-focused mineral exploration and development company issued 48,000,007 units priced at $0.125, with each unit consisting of a share and a share purchase warrant. Each warrant entitles the holder to purchase a share at $0.175 for three years from the closing date.
Stephen Rentschler, Nevada Lithium CEO, expressed his gratitude to the company’s strategic shareholders for their continued support.
“This support has forcefully driven the positive progress at Bonnie Claire, as illustrated only a few months ago by the identification of our high-grade lithium boron mineralized zone,” he said.
“We are confident that further work on the project, which this continued support directly allows, will add shareholder value. Bonnie Claire is already one of the largest lithium resources in North America, and we think that this deposit has yet to reveal its best to us. Located in the premier mining jurisdiction of Nevada, we believe that Bonnie Claire is one of the most attractive undeveloped lithium assets in the world.”