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.
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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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