LithiumBank Announces $2M Private Placement of Units
LithiumBank Resources Corp. (TSX-V: LBNK) has exciting news to share with its investors. The company has announced a non-brokered private placement, offering up to $2,000,000 units at a price of $1.00 per Unit. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. These warrants will allow the holder to purchase one common share at a price of $1.50 per share for a period of 24 months. The net proceeds from this private placement will be used for general administration and working capital.
Finders' Fees and Conditions
LithiumBank expects to pay finders' fees to eligible finders involved in the private placement. The fees will include a cash commission of 6.0% of the gross proceeds raised and non-transferable common share purchase warrants equal to 6.0% of the units sold. The securities offered in this private placement will be subject to a statutory hold period of four months and a day from the date of issuance. The completion of the private placement is subject to certain conditions, including the approval of the TSX Venture Exchange.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. is a development company focused on lithium-enriched brine projects in Western Canada. With over 3.6 million acres of mineral titles strategically positioned over known reservoirs, LithiumBank aims to deploy low-carbon-impact, rapid DLE technology for large-scale direct brine lithium production. The company is advancing and de-risking multiple projects alongside the Boardwalk Lithium Brine Project.
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In conclusion, LithiumBank's private placement of units presents an opportunity for investors to participate in the company's growth and development of lithium-enriched brine projects. The funds raised will support general administration and working capital needs, contributing to the advancement of their projects in Western Canada.
Implications of LithiumBank's Private Placement for New Businesses
LithiumBank Resources Corp.'s recent announcement of a $2M private placement of units could have significant implications for new businesses, particularly those in the lithium industry. The company's decision to raise funds through a non-brokered private placement underscores the growing trend of companies leveraging their equity to secure necessary capital for growth and development.
Investment Opportunities and Business Growth
For new businesses, this move by LithiumBank serves as a reminder of the potential benefits of private placements. Not only do they provide an opportunity to raise capital, but they also allow businesses to attract investors who are interested in their long-term growth. In LithiumBank's case, the funds raised will be used for general administration and working capital, essential aspects of any business's operations.
Future of Lithium Industry
Furthermore, LithiumBank's focus on lithium-enriched brine projects in Western Canada highlights the increasing importance of lithium in today's economy. For new businesses in the energy sector, this could signal promising opportunities in the lithium industry, particularly in the development of low-carbon-impact, rapid DLE technology for large-scale direct brine lithium production.
In conclusion, LithiumBank's private placement of units offers valuable insights for new businesses, demonstrating the potential of private placements as a fundraising strategy and highlighting the promising future of the lithium industry.