Enertopia Corp closes financing as it eyes next lithium bench tests

Enertopia Corp (CNSX:TOP) has closed the final tranche of $290,160 for its private placing announced last month to advance its lithium aims.

The firm will issue over 3.2mln shares at 9 cents each and the same number of warrants, which expire on April 28 in two years, and carry an exercise price of 12 US cents

“We are working aggressively at mapping out the next steps for phase 2 bench testing with our technology partner Genesis Water Technologies (GWT) as we focus to achieve battery-grade lithium carbonate product,” said chief executive Robert McAllister.

“We expect to have news out shortly on project advancements and property updates,” he added.

Enertopia also revealed it had received $11,655 from the exercise of warrants at 7 US cents previously granted.  The cash will be used for general corporate purposes.

Proceeds of the placing will be used for continued lithium brine division development, general working capital and other opportunities, it added.

Enertopia is exploring three prospective lithium projects in Nevada, while reviewing other mineral projects.

It is also working with water purification technology partner GWT using patent pending technology that is believed able to recover lithium from brine solutions.

Last week, Enertopia reported encouraging purity levels from carbonate samples, which were sent to an independent lab.

The four samples were produced from Enertopia’s partner Genesis Water Technologies’ (GWT) bench tests.

The lithium carbonate (Li2Co3) purity rates from the  four samples – from Clayton Valley in Nevada, oil well waste water in mid-USA, and from salt flats in  Argentina and Bolivia – came in at between 93.7% to 96.9%.

GWT reckons adjustments to the recovery process could lead to shorter uptake times and potentially higher lithium recovery rates and  higher purity rates as it eyes the construction of a first pilot plant.

The firm is to announce the next phase of planning and testing which will be much larger in scale and scope and should ultimately lead to the first test pilot plant.

Story by ProactiveInvestors