United Lithium (CSE: ULTH) this morning closed its previously announced private placement of special warrants. The financing saw a total of $9.2 million raised via the sale of 14.0 million special warrants.
Each special warrant, price at $0.66 per each, will convert into one unit of the company. Each unit consists of one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance and contains an exercise price of $0.85 per common share.
All special warrants will be automatically converted the earlier of six months and a day following the closing date and the 3rd business day after a receipt is issued for the firms final prospectus.
Proceeds from the financing are to be used for working capital and general corporate purposes, as well as for potential future acquisitions.
United Lithium Corp last traded at $1.10 on the CSE.
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