Lithium producer LibertyStream announces C$20m fundraise
TSX-V-listed LibertyStream has announced a non-brokered private placement of up to 25-million units at a price of C$0.80 apiece, to raise up to C$20-million.
Each unit will comprise of one common share in the company and one-half of one common share purchase warrant.
Each warrant will be exercisable to purchase one additional common share at a price of C$1.10 for 24 months.
LibertyStream expects its CEO and other affiliates of the company to participate in the offering for around C$1.7-million of investment.
The net proceeds from the offering will be used to develop the company's direct lithium extraction (DLE) technology, particularly to improve operating efficiencies and continue scale-up of its lithium carbonate production facilities in Texas.
LibertyStream aims to be one of North America's first commercial producers of lithium carbonate from oilfield brine. By deploying DLE technology in existing oil and gas infrastructure, it can reduce capital costs, lower risks and support the world's clean energy transition.
The company earlier this month secured an offtake agreement for 60% of its planned lithium carbonate production from the Freedom 1 project with a US industrial customer.
Freedom 1 is LibertyStream's first 1 000 t/y commercial-scale facility being developed at Select Water Solutions' Howard County site.
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