Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) has upsized its private placement from $5 million to $7 million, the company announced Wednesday morning.
The Vancouver-based company said the offering will now consist of 14.89 million units priced at C$0.47 each, on a “best efforts” basis. Each unit will include one common share and one share purchase warrant.
Each warrant will allow the holder to buy an additional share at C$0.65 for a period of five years from the closing of the offering.
The company said it plans to use the net proceeds primarily to advance the next phase of technical and permitting work at its Angel Island lithium project in Esmeralda County, Nevada, while also supporting ongoing operations and general working capital.
Century Lithium expects the offering to close on or about March 16.