ACME Lithium Inc. (CSE:ACME, OTCQB:ACLHF) announced it has closed the second and final tranche of its non-brokered private placement financing of C$1.25 million, raising total gross proceeds of C$5.7 million.
The proceeds will be used to finance its Cat-Euclid and Shatford Lake lithium projects in southeast Manitoba, its Clayton Valley and Fish Lake Valley projects in Nevada, and for general working capital purposes, ACME said.
As a result of the funding, the company said its working capital now stands at approximately C$11.9 million, with no debt.
READ: ACME Lithium closes its C$4.45M private placement financing
The private placement consisted of the issuance of 232,482 units at C$1.08 per unit for gross proceeds of C$250,000.
Each unit consists of one share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional share at a price of C$1.40 per share for three years.
It also included the issuance of 666,668 flow-through (FT) units at a price of C$1.50 each for gross proceeds of C$1,000,002.
Each FT unit consists of one share and one-half of a non-FT share purchase warrant, with each whole warrant allowing the holder to purchase an additional share at a price of C$1.80 per share for two years.
Aggregate finder’s fees of C$87,500 cash, 46,667 compensation warrants exercisable for two years at C$1.80, and 16,204 compensation warrants exercisable for three years at C$1.08 were paid in relation to the private placement.
ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies.
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