LithiumBank Resources Corp. has closed its upsized, non-brokered private placement, raising gross proceeds of $5,524,098 to fund technical work at its flagship Boardwalk Lithium Brine Project in northwest Alberta.

Due to strong investor demand, the company increased the financing from 9 million units to the issuance of 9,206,830 units at an issue price of $0.60 per unit. Each offered unit consists of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase an additional share at an exercise price of $0.90 for a 24-month period from the date of issue.

Net proceeds from the financing are earmarked directly for completing a feasibility study at Boardwalk and for general working capital purposes. The company is advancing the study under a development agreement with SLB.

Certain directors and officers participated in the financing by purchasing an aggregate of 363,000 units for $217,800, representing approximately 3.9% of the total proceeds. This insider participation constituted a related party transaction, which the board exempted from formal valuation and minority approval requirements.

In connection with the placement, LithiumBank paid cash finders' fees of $43,938 and issued 73,229 finders' warrants to Ventum Financial Corp. and EMD Financial Inc. Each finders' warrant is exercisable into one common share at an exercise price of $0.60 for 24 months.

The offering remains subject to the final approval of the TSX Venture Exchange. All securities issued under the placement are subject to a four-month hold period under Canadian securities laws.

Beyond Boardwalk, LithiumBank holds the Park Place and Valleyview lithium brine projects across a total land package of 1,240,140 acres in Alberta and Saskatchewan.

Read the full announcement: LithiumBank Announces Closing of Upsized Private Placement