Century Lithium (LCE.V) has announced it closed the first tranche of the LIFE financing it announced a while ago. The first tranche consisted of almost 9.6M units priced at C$0.30 per unit for total proceeds of C$2.87M and net proceeds of C$2.74M after taking finders fees into consideration. As a reminder, each unit consists of one common share and a full purchase warrant with each full warrant allowing the warrant holder to acquire an additional share for C$0.45 during a five year period.
Since the first tranche closed, the company also announced that its flagship Angel Island lithium project in Nevada has been added to the federal permitting dashboard for FAST-41 transparency status. This should be helpful for the company to get through the permitting process further down the road, thanks to its status as one of the largest and one of the most advanced lithium projects in the United States.
Hopefully that designation will allow the company to fill its entire LIFE capital raise, as Century Lithium was looking to raise a total of C$5M to further advance Angel Island.
Disclosure: The author has a long position in Century Lithium and participated in this financing. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
