FUNDING: RB Energy closes $22M bought deal for lithium project

QUEBEC - Vancouver-based RB Energy has closed a bought deal equity financing worth slightly more than $22 million. The net proceeds will be used complete commissioning of its Quebec lithium project and repay construction debts..

Dundee Securities and Scotiabank were co-lead underwriters on behalf of a syndicate. The underwriters bought 32.4 million common shares of RB Energy at a price of $0.68 per share. They also have an over allotment option that, if exercised, will boost the total gross proceeds of the offering to more than $25.3 million.

The Quebec lithium project is wholly owned by RB Energy and operated by Quebec Lithium Inc. The project lies 60 km north or Val d'Or at the site of a historic lithium mine. Commissioning is now underway to treat 4,000 t/d of ore from an open pit by conventional processing techniques to create a spodumene concentrate. The concentrate is then upgraded to produce lithium carbonate for Chinese customers.

Details of the processing flowsheet are available at RB-E.com.