Iron SouthMining Corp. said July 15 that it will issue 30 million units at 5 Canadiancents each to raise C$1.5 million through a non-brokered private placement.
Each unit consists of 1 common share and 1 transferablecommon share purchase warrant. Each warrant will entitle the holder to purchase1 additional common share at 10 cents per share valid for a period of one year.
Proceeds from the financing will be used for general workingcapital and will serve as funds for reviewing and entering negotiations forvarious projects with good lithium potential.
The company will also hire a technical expert with knownlithium track record to help the company shift its focus to the specialtycommodity.
Iron South also said that it will change its name to reflectits new focus on lithium.