Enertopia Corp (CNSX:TOP) shares firmed on Tuesday after the company said it closed the final tranche of $170,000 for its private placement announced last December.
Proceeds of the private placement will be used for continued lithium brine division development, general working capital and other opportunities.
Last month, the company announced it had begun its lithium recovery bench testing and the company is now awaiting the results.
Enertopia will issue 4.25mln common shares at four cents and 4.25mln whole warrants that expire on Feb. 28, 2019, with an exercise price of six US cents during the 24-month period.
Cash finders’ fees of $11,100 and 227,500 full broker warrants were paid to third parties. All full broker warrants expire on Feb. 28, 2019, with the same exercise terms as noted above.
The company also announced that Adam Mogil has been retained as a consultant to help the company as it moves forward. In lieu of a monthly compensation, Mogil has been issued one million warrants at an exercise price of nine US cents for six months. The warrants will expire on Aug. 28, if not exercised on or before the aforementioned date.
“While we wait for the bench test results, we are working aggressively at mapping out the next steps for project advancements and potential property acquisitions,” stated Robert McAllister, president and chief executive officer of Enertopia.
Enertopia shares were up 0.7% at $0.07 on Tuesday.
Story by ProactiveInvestors