Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLL) (FRA:S5L) is pleased to announce that it has received subscriptions for 8,666,667 common shares for a non-brokered private placement to be completed at a price of $0.75 per share. Initial interest in the placement strongly exceeded expectations and allotments by the Company, and subscriptions were received from a number of institutional and strategic investors.
“We are very encouraged by the interest in the private placement and the confidence shown in Standard Lithium” stated Robert Mintak, Chief Executive Officer of Standard Lithium, “We view this as a strong validation of our business model and our plan for future growth. With this round of funding, we will be in a position to devote significant resources toward advancing our current projects and pursuing acquisition opportunities as we remain extremely optimistic with the future prospects of the lithium market.”
Completion of the private placement remains subject to the approval of the TSX Venture Exchange. All securities to be issued in the private placement will be subject to a four-month-and-one-day statutory hold period. The Company intends to pay a commission to certain eligible individuals who have introduced subscribers to the private placement.
As a result of the strong demand for the placement, the Company intends to accept additional subscriptions and completion of the placement is expected to occur shortly. For further information, interested parties should contact Anthony Alvaro at 604.260.4793.
About Standard Lithium
Standard’s value creation strategy encompasses acquiring a diverse and highly prospective portfolio of large-scale domestic brine resources, led by an innovation & results oriented management team with a strong focus on technical skills. The Company is currently focused on the exploration of its 16,000+ acre Bristol Lake, Brine Project located in the Mojave region of San Bernardino County, California. The location has significant infrastructure in-place, with easy road and rail access, abundant electricity and water sources, and is already permitted for extensive brine extraction and processing activities. Standard also recently announced the acquisition of the 40,000+ acre Paradox Basin Project located in Grand County, Utah.