Canadian lithium brine properties developer Standard Lithium Ltd. has agreed with a syndicate of underwriters pursuant to which the underwriters will acquire, on a bought deal basis pursuant to a short form prospectus, its 10.5 million units.
The units will be bought at a price of $1 per unit for gross proceeds of $10.5 million. Standard Lithium intends to use the net proceeds for enhancing its existing asset portfolio and for general working capital purposes.
Additionally, Standard Lithium has granted the underwriters, led by Canaccord Genuity Corp., an option to buy up to 1.5 million additional units to secure additional gross proceeds of up to 15 percent of the offering, for a period of 30 days.
The offering, subject to certain conditions, is expected to be wrapped up on or about March 19, 2019.