Spod Lithium Corp. has closed its non-brokered private placement for gross proceeds of $303,170 through the issuance of 4,330,999 units at a price of seven cents per unit, each unit consisting of one Class A common share and one-half of one transferable Class A common share purchase warrant exercisable for an additional common share at 12 cents for 24 months from the date of issuance. The securities issued will be subject to a four-month hold period according to applicable securities laws of Canada, which will expire March 1, 2024.
Net proceeds of the financing will be used for general working capital purposes. No finders’ fees were paid in connection with the financing.
A director of the company participated in the financing, subscribing for 80,000 units for $5,600. The director’s participation is a related-party transaction as defined under Multilateral Instrument 61-101. This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of his participation does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.
About Spod Lithium
Spod Lithium is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base and precious metals. The company’s flagship assets are its lithium properties located in the James Bay region of Quebec and the Nipigon and Niemi region of Ontario, Canada.