PepinNini Lithium Ltd. said on Feb. 1 that it secured a standby equity facility from Acuity Capital for up to A$5 million available over the coming 23 months at its own discretion.
PepinNini can terminate the facility at any time without cost or penalty. It can tap the facility, it can set a floor price, and the final issue price will be calculated as the greater of that floor price and a 10% discount to a value weighted average price over a period of the company's choosing between 1 and 20 business days.
The company is developing the Salta Lithium project in Argentina.
As collateral for the facility, PepinNini will place 17 million shares at nil consideration to Acuity Capital.
