pcNewsWire – Standard Lithium Ltd. (TSX-V: SLL; FSE: S5L) has completed previously announced private placement of 9,894,785 common shares at a price of $0.75 per share for gross proceeds of $7,421,089.
Proceeds will be used to advance its current projects and pursue strategic acquisitions in the lithium sector.
Standard Lithium Raises $7.4 Million in Oversubscribed Financing
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VANCOUVER, British Columbia, June 22, 2017 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLL) (FRA:S5L) is pleased to announce that it has completed the private placement of 9,894,785 common shares at a price of $0.75 per share for gross proceeds of $7,421,089. Interest in the placement far exceeded the expectations of the Company, and the additional amount raised provides the Company with the capital needed to advance its current projects and pursue strategic acquisitions in the lithium sector.
“We are extremely pleased with the interest received in this placement, and completion represents a significant milestone for the Company,” commented Anthony Alvaro, a director of the Company. “The strong demand speaks to the growing confidence in our team, projects and future vision for the Company.”
In connection with completion of the private placement the Company paid cash commissions of $74,840 and issued 590,687 common shares to certain parties who introduced subscribers to the Company. All securities issued in the private placement are subject to a four-month-and-one-day statutory hold period.
For further information readers should contact Anthony Alvaro at 604.260.4793.
About Standard Lithium
Standard’s value creation strategy encompasses acquiring a diverse and highly prospective portfolio of large-scale domestic brine resources, led by an innovation & results oriented management team with a strong focus on technical skills. The Company is currently focused on the exploration of its 16,000+ acre Bristol Lake, Brine Project located in the Mojave region of San Bernardino County, California. The location has significant infrastructure in-place, with easy road and rail access, abundant electricity and water sources, and is already permitted for extensive brine extraction and processing activities. Standard also recently announced the acquisition of the 40,000+ acre Paradox Basin Project located in Grand County, Utah.
On behalf of the Board,
Standard Lithium Ltd.
Anthony Alvaro, Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.