LithiumBank Announces Non-Brokered Private Placement
LithiumBank raised $5.4 million at $0.60 per share to fund the Boardwalk Feasibility Study.
LithiumBank Resources Corp. announced a non-brokered private placement of up to 9,000,000 units priced at $0.60 per unit, aiming to raise up to $5,400,000 in gross proceeds. Each unit comprises one common share and one non-transferable warrant exercisable at $0.90 for a period of 24 months.
The company intends to use the net proceeds to complete the feasibility study for the Boardwalk Lithium Brine Project and to fund general working capital. The offering anticipates closing on August 28, 2026, subject to TSX Venture Exchange approval, with a standard four-month hold period for Canadian securities compliance.
LithiumBank Resources Corp. (LBNK) announced a financing round that serves as a direct follow-up to its March 2026 private placement, which also raised capital at $0.60 per share. The identical pricing aligns with recent trading ranges.
The capital raise directly funds the feasibility study and Front-End Engineering Design (FEED) initiated in May 2026 with technology partner SLB. This move de-risks the project by securing necessary engineering capital without relying solely on the $3.9M Emissions Reduction Alberta (ERA) grant, which is milestone-based and partially reimbursed.
Dilution is expected at approximately 13.2% on a fully diluted basis, including the new warrants. The non-transferable nature of the warrants limits immediate secondary market selling pressure compared to transferable warrants. The news is incremental and expected, securing the runway to reach the next major technical milestone without altering the fundamental project timeline or economics.
LithiumBank Resources Corp. (LBNK) is a pre-revenue lithium exploration and development company focused on the Boardwalk and Park Place projects in northwest Alberta, Canada. The flagship Boardwalk project hosts a measured and indicated resource of 5.2 million tonnes LCE at 81.6 mg/L lithium, and an inferred resource of 2.8 million tonnes LCE at 79.0 mg/L lithium.
The company is pursuing a brownfield development strategy, leveraging existing oil and gas infrastructure, including wells, pipelines, and power, to reduce capital expenditures and environmental impact. A development agreement with Schlumberger (SLB) outlines a modular Direct Lithium Extraction (DLE) approach, targeting an initial production capacity of 10,000 tonnes per annum (tpa) of lithium carbonate, with scalability in 5,000 tpa increments. The company aims for commercial production by 2027-2030, contingent on feasibility study results, permitting, and project financing.