TSX-V-listed Lithium Ionic has announced a C$25-million private placement to fund exploration and development work at its mineral properties and for general corporate working capital purposes.
The company, which holds a 100% ownership interest in the Itinga project, in Brazil, has entered into an agreement with Clarus Securities as lead agent on behalf of a syndicate of agents, whereby the agents will raise up to C$25-million through a “best efforts” private placement of up to 15 625 000 common shares to be priced at C$1.60 a share.
The offering is scheduled to close on or about October 12, 2022, and is subject to certain conditions.
The Itinga project, located in Minas Gerais state, comprises five mineral licences covering more than 1 300 ha in the prolific Aracuai lithium province. A portion of the project occurs immediately south of the CBL lithium mine and plant, Brazil’s only lithium producer, and immediately north of the Barreiro and Xuxa lithium deposits of Sigma Lithium.