Edison Lithium plans $1.9M private placement at $0.07 per unit

Edison Lithium Corp. (TSXV: EDDY) (FSE: VV0) announced plans for a non-brokered private placement of up to 27,142,857 units at $0.07 per unit, seeking gross proceeds of up to approximately $1.9 million.

Each unit consists of one common share and one warrant. Each warrant entitles the holder to acquire one additional common share at $0.10 per share for 36 months from the date of issuance.

The company said it intends to use net proceeds for exploration activities and general working capital and corporate purposes.

Insiders may participate in the offering, which the company said would constitute a related party transaction under Multilateral Instrument 61-101. Edison said it anticipates relying on exemptions from formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of that instrument.

Securities issued under the offering will be subject to a statutory hold period of four months and one day from issuance under Canadian securities laws. The offering remains subject to final acceptance by the TSX Venture Exchange.

The Vancouver-based company describes itself as a junior mining exploration company focused on cobalt, lithium, alkali, and other energy metal properties.

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