United Battery Metals Corp., Vancouver, Canada, (CSE:UBM) (OTC PINK:UBMCF) (FWB:0UL) announced that it has completed a private placement of 19,998,858 units, at a price of $0.11 per Unit, for total gross proceeds of 2,199,874.38, Juniorminingnetwork.com reports. Each Unit consists of one common share and one common share purchase warrant, with each warrant being exercisable to acquire an additional common share at a price of $0.25 for a period of twenty-four months.
The Company intends to use the proceeds of the Private Placement for working capital and general corporate purposes, including with respect to its search for suitable lithium and other battery materials-related mineral properties to add to its portfolio.
All securities issued in connection with the Private Placement will be subject to a four-month- and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to the approval of the Canadian Securities Exchange.
United Battery Metals Corp.
United Battery Metals Corp, formerly known as United Lithium Corp., is a Canada-based company engaged in vanadium mining sector. The Company is a uranium and vanadium mineral exploration company focused on the exploration of its Wray Mesa project, an exploration stage uranium/vanadium property located in Colorado, the United States and the acquisition of additional properties with vanadium-discovery potential.