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Neo Lithium raising C$20M for Tres Quebradas property in Argentina

Neo Lithium Corp. on Jan. 30 said it entered an agreement with a syndicate of underwriters, led by Sprott Capital Partners, for a bought-deal offering of 18,181,819 units at C$1.10 apiece to raise gross proceeds of C$20 million.

Each unit consists of 1 common share and 0.5 of a share purchase warrant, with each whole warrant exercisable at C$1.40 per share for 18 months from closing.

Neo Lithium will use the proceeds to advance its early stage Tres Quebradas lithium project in Catamarca, Argentina, and for working capital.

The company expects to close the offering by Feb. 22, subject to various conditions including approval of the TSX Venture Exchange.