Vancouver (pcJ News Briefs) – Scientific Metals Corp. (TSX-V: STM: FSE: 26X; OTCQB: SCTFF) has closed a non-brokered private placement of 2,117,777 units at $0.45 per unit for gross proceeds of $953,000.
Each unit consists of one common share and one common share purchase warrant exercisable for one additional common share at a price of $0.65 per share at any time within 18 months of the date of issuance.
Scientific Metals intends to use the net proceeds of the offering to advance its lithium and cobalt properties and for general working capital purposes.
Scientific Metals has also closed the acquisition of 25 unpatented lode mining claims, totalling 500 acres to the south extension of its flagship Iron Creek cobalt project. In consideration for the mining claims, Scientific Metals issued 2.1 million common shares to the arm’s length vendors at a deemed price of $0.62 per share.
Scientific Metals is a Canadian-based exploration company focused on the acquisition and development of production grade metal deposits that are critical components to modern day rechargeable batteries. Scientific Metals’ key assets are located in Idaho, Utah and Alberta.
photo credit: Scientific Metals