Junior corporate roundup: Millennial, Lithium X, Belo Sun, Candente

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Friday, February 24, 2017

Argentina-focused Millennial Lithium plans to complete a non-brokered private placement of units for proceeds of up to Cdn$8.7mn (US$6.66mn), to be used to advance the Pastos Grandes project and for general and administrative expenses, a statement from the Vancouver-based company said.

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Vancouver's Lithium X entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity and GMP Securities, pursuant to which they have agreed to purchase, on a bought deal basis, 7.9mn shares for aggregate proceeds of Cdn$15mn.

In addition, underwriters have an option to purchase up to 1.19mn additional shares for a period of 30 days after the closing date. In the event the over-allotment option is exercised, the aggregate gross proceeds will be Cdn$17.3mn.

Proceeds of the offering will be used for exploration and development work on its Sal de Los Angeles lithium project in Salta, Argentina, and for general working capital purposes, a press release said.

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Toronto's Belo Sun Mining placed an order for a semi autogenous grinding (SAG) mill through FLSMidth for its Volta Grande gold project processing facility in Brazil, the "first significant equipment purchase" for the project, a Belo Sun statement said.

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Peru-focused Candente Copper entered into a debt settlement agreement with Energold Drilling regarding drilling services provided by the latter, a press release said.

As consideration for the debt of Cdn$150,000, Vancouver-based Candente has issued to Energold 1.25mn units of Candente. The debt settlement has been approved by the TSX exchange.