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First Lithium Minerals Initiates New Offering to Continue Capital Raising Plans

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First Lithium Minerals (FLM.CN) plans to issue up to 44.9 million units at C$0.11 apiece for about C$4.9 million in a non-brokered private placement through a new listed issuer financing exemption in a bid to continuing raising capital, it late Thursday.

Each unit is comprised of one common share and one-half of one common share purchase warrant with each warrant entitling the holder to buy a share for C$0.18 for a three-year period starting 60 days after the closing date, expected on or about July 17.

It will also issue up to 3.3 million so-called FT units at C$0.15 each for about C$500,000. Each FT unit is comprised of one common share that qualifies as a flow-through share and one-half of one warrant, for about C$5.4 million, it said.

The company may also close a private placement of up to 5.1 million units at C$0.11 each for about C$565,751, concurrent with closing of the LIFE offering.

Shares of the company dropped C$0.02 on Friday shortly after the market opened to trade at C$0.09 on the Canadian Securities Exchange.

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