Mining firms Osisko Development and O3 Mining on Wednesday unveiled plans for a new company that will explore for lithium in James Bay, Quebec.
Osisko Development and O3 Mining transferred certain James Bay properties to the new company, named Electric Elements Mining.
The spinoff allows both companies to focus on their on gold assets, while continuing to have exposure to the transferred assets through their respective ownership interests in Electric Elements.
The new lithium company has completed an equity financing of 8.22-million shares at C$0.50 each, raising C$4.11-million for exploration.
Following the financing, Osisko Development and O3 Mining hold about 47% and 12%, respectively, of Electric Elements and subscribers participating in the financing hold the balance.