Advantage Lithium Corp. (TSX-V: AAL) has closed previously announced private placement financing of 26,667,000 subscription receipts for aggregate proceeds of approximately $20 million.
The offering was led by Eight Capital, formerly, Dundee Capital Partners, and Canaccord Genuity Corp.
Proceeds will primarily be used to develop the advanced Cauchari asset, including its large defined exploration target, and five other wholly owned (100%) Argentine assets comprising ~85,543 hectares. The Cauchari project lies close to Orocobre’s lithium production facility and has the potential for fast-tracked, low cost production.
Advantage Lithium is actively working with Orocobre to complete all tasks and finalize the definitive agreements under which Advantage Lithium will acquire up to 75% of Orocobre’s Cauchari project and a 100% interest in five other lithium brine projects, comprising a total of 85,543 ha, located in the northern provinces of Jujuy, Salta and Catamarca in Argentina’s lithium triangle.
The acquisition is expected to close before March 31, 2017.
Lithium Americas recently proposed a combined equity and debt financing of US $286 million investment by Bangchak Petroleum Public Company Ltd. and GFL International Ltd. to put its project into production.
photo credit: Advantage Lithium