ACME Lithium Inc announced that it has closed its previously announced non-brokered private placement through issuing 833,334 units at a price of $1.20 per unit for total gross proceeds of $1 million.
The Vancouver, British Columbia-based mineral exploration company said that it will use the gross proceeds of the private placement for exploration at its 100% owned Cat-Euclid and Shatford Lake lithium projects in southeast Manitoba.
ACME holds 27 claims totaling approximately 11,803 acres strategically situated in the pegmatite fields of the Bird River Greenstone Belt (BRGB) Canada’s southeastern Manitoba.
The company said each Unit consisted of one flow-through common share and one-half of one non-flow through common share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at a price of $1.50 per share for two years.
ACME revealed that a finder's fees totaling $70,000 in cash and 58,333 compensation warrants exercisable for two years at $1.20 were paid to Qwest Investment Fund Management Ltd.
The firm noted that all securities that are issued following the private placement with be subject to a hold period of four months and one day in accordance to applicable Canadian securities laws.
Led by an experienced team, ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies.
ACME has acquired or is under option to acquire a 100% interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and in southeastern Manitoba.
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