ION Energy Ltd. (TSXV: ION | OTCQB: IONGF | FRA: 5YB) has announced the completion of a non-brokered private placement of 4M company units at a price of C$0.25 each, for aggregate gross proceeds of C$1M. Each unit consists of one share and one share warrant.
Each warrant entitles the holder to one C$0.40 share for 12 months after the closing, provided that the daily volume weighted average closing price on the TSX Venture Exchange (TSXV) or a recognized Canadian stock exchange equals or exceeds C$0.60 for a period of 20 consecutive trading days.
The company may accelerate the expiry date of the warrants by issuing a press release announcing the reduced warrant term and then the warrants will expire on the 30th calendar day after the date such press release is issued.
“The company is extremely pleased to announce the closing of this non-brokered offering that allows ION Energy to advance the very first maiden resource estimate for brine in Mongolia, at our highly encouraging Urgakh Naran site,” said Ali Haji, CEO & director of ION Energy.
“With the recent critical metals interest in Mongolia from governments and strategics alike, ION’s vision is being realized. This also paves the way for the commencement of exploration at our very exciting, newly acquired Northwest Territories Tier 1 asset.”
The proceeds from the offering will be used primarily for exploration activities at the company’s properties, as well as for general corporate purposes. The offering is subject to receipt of all necessary regulatory approvals, including approval of the TSXV. The securities issued will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws.
In connection with the offering, the company paid to finders an aggregate cash commission of C$56,100.
For further information, please visit: www.ionenergy.ca
