Imagine Lithium announces a private placement to raise $9.1 M CanadiansInvest
) announced a non-brokered private placement of 48.82 million flow-through shares at a price of $0.1725 per share for gross proceeds of $8,421,450. This represents a premium of 73% over the previous closing price of the Company’s common shares on the TSX Venture Exchange. In addition, the Company will complete a private placement of 6.18 million non-flow-through common shares at a price of $0.115 per common share for gross proceeds of $710,700.
The gross proceeds from the sale of the FT Shares will be used for general exploration expenditures on the Jackpot Lithium Project located approximately 140 km north-east of Thunder Bay, Ontario. An exploration program on the property will incorporate expansion drilling at the Jackpot Main Zone, exploration drilling on additional targets beyond the Main Zone, as well as a prospecting and sampling program to cover the entire Jackpot property package.
J.C. St-Amour, President and CEO of Imagine, commented, “This financing illustrates investor confidence in our Jackpot Lithium Project. Our project’s proximity to infrastructure and general accessibility makes this project a stand-out from many lithium assets in Canada. The funds raised in this financing will allow us to expand and accelerate our exploration activities with additional drilling, sampling, and prospecting planned over the next two years.
Gross proceeds from the sale of Common Shares will be used for general corporate purposes. The private placements are expected to close on or about April 26, 2023. Imagine is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by air from the TransCanada Highway and the main railroad which connects to the port town of Nipigon, on Lake Superior.
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