Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) has announced a non-brokered financing under the Listed Issuer Financing Exemption (LIFE), with plans to raise between $2 million and $5 million.
The net proceeds from the financing will be used to advance the company’s wholly owned Angel Island lithium project in Nevada, including an updated feasibility study, completion of the plan of operations, and progress toward National Environmental Policy Act (NEPA) compliance.
The offering consists of up to 16.67 million units at a price of $0.30 per unit. Each unit includes one common share and one warrant, with each warrant exercisable at $0.45 for a period of 24 months.
An acceleration clause may shorten the warrant term if Century Lithium’s share price exceeds $0.80 for 15 consecutive trading days.
Finders may receive up to 7% of gross proceeds in cash and the same percentage in broker warrants, each exercisable at the offering price for 36 months.
Angel Island is one of the largest sedimentary lithium deposits in the United States. It is currently in the permitting stage for a three-phase production plan targeting 34,000 tonnes of battery-grade lithium carbonate annually over a 40-year mine life.