Mr. David Sidoo reports
ADVANTAGE LITHIUM ANNOUNCES NON-BROKERED FINANCING TO RAISE $5,040,000
Advantage Lithium Corp. will undertake a non-brokered private-placement financing of up to 8.4 million units at a price of 60 cents per unit to raise gross proceeds of up to $5.04-million. Each unit comprises one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share for a term of two years from the closing date at a price of 75 cents per share. Finders' fees will be payable on a portion of the private placement. All securities issued will be subject to a four-month hold period from the date of closing.
David Sidoo, president, said: "The company continues to make strong and rapid progress, most recently closing the agreement on the lithium brine projects in Nevada and announcing a drill program at Clayton Valley Northeast, immediately adjacent to Albemarle. We have a clear goal to build shareholder value through strategic acquisitions and the drill bit, and this financing will provide us with the additional working capital required to aggressively pursue our objectives."
The financing is subject to the approval of the TSX Venture Exchange. Proceeds of the financing will be used for working capital.
About Advantage Lithium
The company is earning an interest, from Nevada Sunrise Gold Corp., in a portfolio of five lithium brine projects in the Clayton Valley and Lida Valley regions of Nevada, United States, together with certificated water rights in the Clayton Valley.
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