Alpha Lithium Corp (TSXV: ALLI) this morning announced that it has entered an arrangement with Echelon Wealth partners and Leede Jones to conduct a $10.0 million bought deal financing. The transaction will see units of the company at a price of $0.81 per unit.
The financing will see the sale of 12.4 million units of the company, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of 24 months from the date of close, and contains an exercise price of $1.10 per share.
An over-allotment option has also been granted in connection with the financing.
Net proceeds from the financing are to be used for land acquisition, exploration expenditures and general corporate purposes.
Alpha Lithium last traded at $1.01 on the TSX Venture.
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