The battery-grade lithium producer Enertopia Corp (CSE:TOP, OTCQB:ENRT) has closed the first tranche worth C$132,000 from a private placement.
The company will be issuing 4,400,000 common shares at C$0.03 and 4,400,000 whole warrants that expire on August 31, 2021 and can be exercised at US$0.05.
Its CEO Robert McAllister purchased 400,000 shares as part of the offering and additionally exercised 50,000 options at US$0.06 and 120,000 options at US$0.05 for proceeds of US$9,000 to the company.
Proceeds from the fundraising will be used for Lithium brine division development, project development and general working capital.
Based in Kelowna, British Columbia, Enertopia is an exploration and development company, which is taking advantage of technology to produce battery-grade lithium.