Lithium explorer funds project development through non-brokered deal
By Devika Patel
Knoxville, Tenn., Nov. 11 - Rodinia Lithium Inc. said it will conduct a non-brokered private placement of common stock for C$1.4 million with a single investor.
The company will sell the shares at C$0.55 each. The price per share represents a 10% premium to C$0.50, the closing share price on Nov. 10, and a 25% premium to the 30-day average closing price of the shares on Nov. 9.
The company said it will use the proceeds to continue developing its key projects and for working capital purposes.
"We expect that these funds will allow us to aggressively pursue development of the Diablillos property, and should allow us to advance our current program towards a National Instrument 43-101 resource estimate on the property," president and chief executive officer Will Randall said in a press release.
Based in Toronto, Rodinia explores for minerals with a primary focus on lithium exploration and development in North and South America.
| Issuer: | Rodinia Lithium Inc.
|
| Issue: | Common stock
|
| Amount: | C$1.4 million
|
| Price: | C$0.55
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Pricing date: | Nov. 11
|
| Stock symbol: | TSX Venture: RM
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| Stock price: | C$0.50 at close Nov. 11
|
| Market capitalization: | C$23.92 million
|
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