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LibertyStream Down 15% on Plans to Raise C$20 million in a Non-Brokered Private Placement

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LibertyStream Infrastructure Partners (LIB.V) was last seen down 15% after the company on Monday said it is seeking to raise up to C$20 million in a private placement of share units.

The company said it will place up to 25-million units at C$0.80 apiece and made up of a share on one half of two-year warrant to buy a share for C$1.10.

The company expects participation in the offering in the amount of C$1.7 million from certain insiders of LibertyStream and their affiliates, including chief executive Alex Wylie.

The offering is expected to close in one or more tranches, with the first closing expected to occur on or about July 23.

Proceeds will be used to continue to develop its direct lithium extraction technology to improve operating efficiencies, continue the scale-up of its lithium carbonate production facilities in the Midland Basin in Texas, create avenues to provide lithium carbonate and other lithium product samples to potential future customers and off-takers, and for general working capital and corporate needs.

The company's shares were last seen down C$0.12 to C$0.79 on the TSX Venture Exchange.

Price: $0.78, Change: $-0.13, Percent Change: -14.29%

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