ACME Lithium Inc. (ACME) has announced it has closed an oversubscribed non-brokered private placement financing (the “Private Placement”) of C$4.45 million. As a result of the funding, ACME’s working capital is approximately C$10.95 million with no debt.
The Private Placement consisted of:
- The issuance of 3,194,976 units (the “Units”) at a price of C$1.08 per Unit for gross proceeds of C$3,450,574. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$1.40 per share for three (3) years; and
- The issuance of 666,668 flow-through units (the “FT Units”) at a price of C$1.50 per FT Unit for gross proceeds of C$1,000,002. Each FT Unit consists of one flow-through common share and one-half of one non-flow through common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$1.80 per share for two (2) years.
ACME will use the proceeds from the sale of the NFT Units and some of the Units for exploration at its 100% owned Cat-Euclid and Shatford Lake lithium projects in southeast Manitoba; and the balance of the Private Placement proceeds on its Clayton Valley and Fish Lake Valley, Nevada projects, as well as general working capital purposes.
All securities that are issued pursuant to the Private Placement with be subject to, among other things, a hold period of four months and one day in accordance to applicable Canadian securities laws.