Deals this week: Neo Lithium, Elcora Advanced Materials, Volcanic Gold Mines

2 February 2017 (Last Updated February 2nd, 2017 18:30)

Canadian lithium exploration firm Neo Lithium Corporation has revised its offering of bought deal private placement of units upwards from the earlier 18,181,819 units to 22,731,819.

Canadian lithium exploration firm Neo Lithium Corporation has revised its offering of bought deal private placement of units upwards from the earlier 18,181,819 units to 22,731,819.

Priced at C$1.1 ($0.84) each, the units will comprise one common share of the company and one-half of one common share purchase warrant, which is exercisable for one common share at C$1.4 ($1.06) a share for a period of 18 months.

Gross proceeds from the offering are estimated at C$25m ($19.04m), which are intended to be used to advance the company’s Tres Quebradas lithium project in Catamarca, Argentina, as well as for working capital purposes.

Canada-based graphite mining company Elcora Advanced Materials Corp is to issue a private placement to raise up to C$5.5m ($4.18m), comprising a common share and a common purchase warrant that involves 20,370,370 units.

The warrant holder will be entitled to purchase one common share of the company at a price of C$0.34 ($0.25) for two years following the offering’s closure.

"Proceeds are intended to be used to enhance the output of the company’s mining site in Sri Lanka and continue Lithium-Ion battery testing and development."

Proceeds are intended to be used to enhance the output of the company’s mining site in Sri Lanka and continue Lithium-Ion battery testing and development.

Volcanic Gold Mines Inc has announced the private placement of up to 12.5 million units priced at C$0.4 ($0.3) each to raise C$5m ($3.8m) in gross proceeds, which will be used to explore Mandiana Project in Guinea, future property acquisitions, and for general working capital purposes.

Each unit comprises one common share and one full warrant, which gives the holder the right to purchase one additional common share at an exercise price of C$0.8 ($0.6) for five years from the closure of the placement.

Canadian gold mining firm Dynasty Metals & Mining Inc has completed the private placement of convertible debentures bearing an interest rate of 12% a year to Credipresto S.A. de C.V. SOFOM E.N.R.

The debentures have a maturity period of two years from date of issuance, helping the company raise $1m.

The proceeds are intended to be used for working capital and general corporate purposes.