ACME Lithium Inc. is pleased to announce, further to its C$4.45 million funding news release of May 16th, 2022, it has closed a second and final tranche of its non-brokered private placement financing of C$1.25 million for combined total gross proceeds of C$5.7 million. As a result of the funding, ACME’s working capital is approximately C$11.9 million with no debt.
The Private Placement consisted of:
The issuance of 232,482 units at a price of C$1.08 per Unit for gross proceeds of C$250,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$1.40 per share for three (3) years; and
The issuance of 666,668 flow-through units (the “FT Units”) at a price of C$1.50 per FT Unit for gross proceeds of C$1,000,002. Each FT Unit consists 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 common share at a price of C$1.80 per share for two (2) years.
Aggregate finder’s fees of (i) C$87,500 cash, (ii) 46,667 compensation warrants exercisable for two (2) years at $1.80, and (iii) 16,204 compensation warrants exercisable for three (3) years at $1.08 were paid.
ACME will use the proceeds at its 100% owned Cat-Euclid and Shatford Lake lithium projects in southeast Manitoba; and its Clayton Valley and Fish Lake Valley, Nevada projects, as well as general working capital purposes.
All securities that are issued pursuant to the Private Placement with be subject to, among other things, a hold period of four months and one day in accordance to applicable Canadian securities laws.News Source: Yahoo Finance