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Li-FT Power to Raise C$20 Million Through Bought Deal Share Offering

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Li-FT Power (LIFT.V) plans to raise C$20 million through a bought deal offering of shares, the company said after market close on Tuesday.

Li-FT will issue of 6.9 million shares priced at C$2.90 each. The underwriters have also been granted a 15% over-allotment option.

The offering is expected to close on Aug. 12.

Proceeds will be used to fund care and maintenance costs for the first year of the Renard diamond mine option period. In June, Li-FT was granted the sole call option for two years to acquire the Renard mine, processing facility and associated infrastructure in Quebec, or all of the issued shares of Stornowa, which owns Renard.

Li-FT shares closed up C$0.02 at C$3.33 on the TSX Venture Exchange.

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