EMP Metals has closed the first tranche of its previously announced private placement, netting $1.9 million, to further develop its lithium brine properties in southern Saskatchewan.
The financing package included the issuance of 3.9 million units at a price of $0.50. Each unit contains one common share and one share purchase warrant, with each warrant exercisable at a price of $0.70 for a period of one year after the date of issuance.
The company also announced that due to high demand, it is increasing the supply size by up to 6 million units at $0.50, which could raise up to $3 million.
The official closing of the first tranche awaits Canadian Securities Exchange (CSE) approval.
EMP is exploring and developing large-scale brine lithium resources in southern Saskatchewan, using direct lithium extraction across more than 800 square kilometres.
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