Century Lithium Corp. (TSXV: LCE | OTCQX: CYDVF | FSE: C1Z) has closed its previously announced brokered private placement, raising C$7M through the issuance of 14,893,616 units priced at $0.47 each. The financing was completed on a “best efforts” basis, led by A.G.P. Canada Investments ULC as sole agent and bookrunner, with A.G.P./Alliance Global Partners acting as U.S. placement agent.
Each unit consists of one common share and one warrant, with each warrant exercisable at $0.65 for a period of five years from closing. The units were issued under the listed issuer financing exemption, meaning securities sold to Canadian residents are not subject to resale restrictions.
In connection with the offering, the agents received a 7% cash commission and were issued broker warrants equal to 3% of the units sold. Each broker warrant is exercisable into one Century Lithium share at $0.65 for five years.
Century Lithium plans to use the net proceeds to advance the next phase of technical and permitting work at its Angel Island lithium project in Esmeralda County, Nevada, while also supporting ongoing corporate activities and working capital.
The company noted that the securities have not been registered under U.S. securities laws and may not be offered or sold in the United States without appropriate exemptions.
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