Exciting $10M Funding for Lithium Ionic to Boost Growth
Lithium Ionic Secures $10 Million Funding for Expansion
In a significant move for growth, Lithium Ionic Corp. (NASDAQ: LTH) has announced a non-brokered private placement financing, aimed at raising $10 million. The offering consists of 14,285,714 units, each priced at $0.70. This funding initiative comes with strong backing from industry stalwart Martin Rowley and RTEK International DMCC, among key strategic shareholders, reflecting their confidence in Lithium Ionic's vision.
Leadership That Drives Success
Martin Rowley is a pivotal figure in this financing effort. With over four decades in mining, he has a remarkable track record of transforming early-stage companies into thriving enterprises. Rowley was crucial in co-founding First Quantum Minerals and played leading roles in companies like Galaxy Resources and Orocobre Ltd. His expertise is a tremendous asset as Lithium Ionic seeks to become a significant lithium supplier in Brazil.
RTEK's Strategic Involvement
Joining Rowley, RTEK International brings a wealth of experience to the table. This team consists of seasoned professionals with a combined 80 years in various domains including geology and corporate development. Notable members like Brian Talbot and Rodrigo Roso have effectively led successful lithium projects globally. Their participation in the offering demonstrates their belief in the potential of Lithium Ionic’s Bandeira Project, which could emerge as a key player in Brazil's lithium production landscape.
Understanding the Offering Structure
Each unit in the offering comprises one common share and one purchase warrant, allowing holders to buy an additional common share at $0.90 for a period of 24 months post-offering. This structure not only incentivizes investment but also positions shareholders to benefit from future growth.
Use of Proceeds
The funds from this investment will primarily be directed towards exploration and development of Lithium Ionic's properties in Brazil. With significant plans in place, the company is aiming to solidify its presence in the rapidly growing lithium market.
Upcoming Closing of the Offering
The private placement is expected to close soon, pending necessary approvals. With the commitment from seasoned investors and strategic partnerships, this funding marks a positive step for Lithium Ionic. The approval process will ensure all regulatory and compliance measures are met, enhancing shareholder confidence.
About Lithium Ionic
Lithium Ionic Corp. is focused on exploring and developing lithium resources in Brazil, particularly through projects like Itinga and Salinas. These projects span over 14,668 hectares in a region gaining recognition as a major lithium district. They are strategically located near established operations such as CBL’s Cachoeira lithium mine and Sigma Lithium Corp.’s Grota do Cirilo project, which host some of the largest lithium deposits in the Americas.
Contact Information
For inquiries, reach Lithium Ionic at +1 647.316.2500 or contact via email at info@lithiumionic.com.
Frequently Asked Questions
What is the amount of funding being raised by Lithium Ionic?
Lithium Ionic is raising a total of $10 million through a non-brokered private placement financing.
Who are the key figures backing this funding?
Industry leaders Martin Rowley and RTEK International are backing the funding initiative, highlighting their confidence in Lithium Ionic's strategy.
How will the funds be utilized?
The proceeds from the offering will be used for the exploration and development of Lithium Ionic's properties in Brazil.
What are the terms of the units offered?
Each unit consists of one common share and one purchase warrant, priced at $0.70, allowing for future purchases at $0.90.
When is the expected closing date for the offering?
The offering is anticipated to close around September 29, depending on the required approvals.
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