Lodestar Battery Metals Corp. has announced it closed its previously announced non-brokered flow-through private placement financing by issuing 4,000,000 units (“Units”) at a price of $0.10 per Unit for total proceeds of $400,000 (the “Offering”).
Each Unit consists of one “flow-through” common share (each, a “Common Share”); and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to purchase a Common Share at an exercise price of $0.15 for a period of three years from the date of issue.
The securities under the Offering are subject to restrictions on resale expiring on April 24, 2023. The Company paid finders fees totalling $32,000 and issued a total of 320,000 share purchase warrants. Each finder’s warrant is exercisable at $0.10 per warrant for a period of two years from the date of issue.
The Company intends to use the gross proceeds of the offering for exploration activities at its Canadian lithium projects.
The Company also announces that it has granted options to purchase 2,000,000 common shares to its directors, officers and consultants. The options are exercisable at a price of $0.10 per share and expire for a term of five years from the date of grant.