Thursday, October 26, 2023
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private placement oversubscribed. LithiumBank recently closed a private placement of 3,506,500 units at a price of C$1.00 per unit. Originally, the company had planned to raise C$2 million, which was later increased to C$3 million. Each unit is comprised of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase an additional share at a price of C$1.50 per share for a period of 24 months from the date of issuance. Coupled with over C$6 million designated for exploration, the financing provides discretionary funds to advance LithiumBank’s Boardwalk and Park Place projects and accelerate pilot plant testing with G2L Greenview Resources.
Significant insider participation. Demonstrating their own commitment and confidence in LithiumBank, insiders of the company purchased 970,000 units or 27.66% of the total units offered in the private placement. Mr. Gianni Kovacevic, Director, purchased 250,000 units, Mr. Christopher Murray, Director, purchased 250,000 units, Mr. Paul Matysek, Executive Chairman and Director purchased 150,000 units, Ms. Ekaterina Zotova, Director, purchased 150,000 units, Mr. Rob Shewchuk, CEO and Director, purchased 100,000 units, Mr. Kevin Piepgrass, COO, purchased 40,000 units, Mr. Steven Piepgrass, Director, purchased 20,000 units, and Ms. Ann Fehr, CFO, purchased 10,000 units.
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