The placement was first announced on August 8.
Enertopia will be issuing 3,858,571 common shares at 3.5 cents and 3,858,571 whole warrants that expire on Sept. 23, 2018, with an exercise price of seven US cents during the 24-month term. A cash finder’s fee for $4,830 and 138,000 full broker warrants that expire on Sept. 23, 2018, with the same exercise terms as noted above, was paid to arm’s-length parties. Proceeds of the private placement will be used for developing the lithium brine division projects and technology, and for general working capital.
All issued shares will be subject to a hold period, for any resale into the United States under Rule 144, of six months and one day. The private placement will be subject to normal regulatory approvals.
Story by ProactiveInvestors