Company sells units of shares, three-year warrants at $0.05 per unit
By Devika Patel
Knoxville, Tenn., Nov. 28 - Lithium Corp. completed a $550,000 private placement of units on Nov. 19, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 11 million units of one common share and one warrant at $0.05 per unit.
Each three-year warrant is exercisable at $0.10 in the first year and at $0.15 in the final two years. The strike prices are 100% and 200% premiums to the Nov. 16 closing share price of $0.05.
Reno, Nev.-based Lithium explores for clean energy sources.
| Issuer: | Lithium Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $550,000
|
| Units: | 11 million
|
| Price: | $0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | $0.10 in the first year, $0.15 in the final two years
|
| Settlement date: | Nov. 19
|
| Stock symbol: | OTCBB: LTUM
|
| Stock price: | $0.05 at close Nov. 16
|
| Market capitalization: | $3.82 million
|
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