Libertystream closes $12.49-million offering

Executive Summary

• Libertystream Infrastructure Partners Inc. has closed its previously announced private placement under the Listed Issuer Financing Exemption (LIFE), raising aggregate gross proceeds of approximately $12.5 million.
• The company issued 11,363,636 units at a price of $1.10 per unit, with each unit consisting of one common share and one common share purchase warrant.
• Net proceeds will be allocated to developing direct lithium extraction (DLE) technology, scaling up lithium carbonate production in the Permian Basin, providing product samples to potential customers, and for general working capital.

Key Details

• Gross Proceeds: $12,499,999.60
• Units Issued: 11,363,636 units
• Price Per Unit: $1.10
• Warrant Terms: Each unit includes one whole common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $1.50 per warrant share for a period of 36 months following the completion of the offering.
• Regulatory Basis: The offering was completed in reliance on the listed issuer financing exemption (LIFE) under National Instrument 45-106 and Coordinated Blanket Order 45-935. Securities are not subject to a hold period.
• Use of Proceeds:
  • Develop direct lithium extraction (DLE) technology to improve operating efficiencies.
  • Continue scale-up of lithium carbonate production at the field unit in the Permian Basin, Texas, moving toward commercial lithium production.
  • Create avenues to provide lithium carbonate and other lithium product samples to potential future customers and off-takers.
  • General working capital and corporate purposes.
• Insider Participation: Certain company insiders participated in the offering, constituting a related party transaction under Multilateral Instrument 61-101. The company relied on exemptions from valuation and minority shareholder approval requirements as the transaction value did not exceed 25% of the company's market capitalization. No material change report was filed 21 days prior to closing due to the timing of settled insider participation details.

Notable Quotes

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