The firm will issue 15mln shares at $0.05 a share.
Rainmaker controls the option to acquire the Sarcobatus Flats lithium project in Nevada, which is near the only producing lithium mine in the United States, while it also currently owns a 12.5% joint venture interest in Dufferin Lake – a uranium asset in the Athabasca Basin of Saskatchewan.
Earlier this month, the company said it had hired Daniel Vinegar as its new chief financial officer, greeted with full-year accounts showing a shrinking loss, as well as reported that its Sarcobatus Flat high-grade lithium project in Nevada is advancing toward a preliminary economic assessment (PEA).
New CFO Vinegar brings a unique background, including as a controller for a high-growth tech firm, which seeded and incubated a portfolio of start-ups.
He also worked as a financial adviser for Manulife, in addition to a position as a senior financial analyst for a multimillion-dollar import-export group in Toronto. Predecessor Matthew Wright has resigned.
Story by ProactiveInvestors