Standard Lithium Ltd. said Feb. 16 that it raised about C$21.7 million from a previously announced bought-deal private placement.
The company issued 10,312,821 units at C$2.10 apiece. Each unit consists of 1 share and 0.5 of a share purchase warrant, while each whole warrant is exercisable to acquire an additional share at C$2.60 until Feb. 16, 2020.
Standard Lithium intends to use the proceeds for exploration and development activities at its properties and for general corporate purposes.
The financing was conducted by a syndicate of underwriters led by Canaccord Genuity Corp., as sole book runner and lead underwriter, and including GMP Securities LP.