EMP Metals has closed the first tranche of its previously announced private placement, netting $1.9 million, to further develop its lithium brine properties in southern Saskatchewan.
The financing package involved issuing 3.9 million units priced at $0.50. Each unit contains one common share and one share purchase warrant, with each warrant exercisable at $0.70 for one year following the date of issue.
The company also announced that, due to high demand, it is further increasing the size of the offering up to 6 million units at $0.50, which could raise up to $3 million.
Official closing of the first tranche is awaiting approval from the Canadian Securities Exchange (CSE).
EMP explores and develops large-scale lithium brine resources in southern Saskatchewan, using direct lithium extraction across more than 800 km².
Comments