Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) reported that it has completed the second and final tranche of its previously announced financing under the Listed Issuer Financing Exemption (LIFE).
The advanced-stage lithium company said, together with the offering’s initial closing, it issued approximately 15.785 million units at a price of $0.30 per unit, raising gross proceeds of about C$4.7 million.
Each unit consists of one company common share plus one common share purchase warrant, with each warrant entitling the holder to purchase one common share at an exercise price of $0.45 for a period of 60 months following the issuance of the units.
Century Lithium noted that certain company directors purchased a total of 168,333 units in the initial closing.
The company added that it paid a total of C$252,556.50 in cash and issued 841,855 compensation warrants to certain arm's-length third-party brokers in connection with the financing.
Each compensation warrant entitles the holder to purchase one company common share at an exercise price of $0.30 for a period of 36 months following the issuance.
Century Lithium is focused on developing its wholly owned Angel Island project in Nevada, which hosts one of the largest sedimentary lithium deposits in the US.