Advantage Lithium (AAL.V) significantly added to its coffers when the company announced today that it had closed its recently announced PP at $20.0 million.
According to the news release, all funds are expected to be received by February 15, 2017 and will be held in escrow and released to the company upon satisfaction of certain conditions.
This is expected to happen on or before the end of March 2017.
Advantage Lithium has entered into an LOI with lithium producer, Orocobre, to acquire 100% interest in five projects in Argentina and a 75% interest in a sixth, called Cauchari.
The Company is also earning an interest from Nevada Sunrise Gold Corp., in a portfolio of five lithium brine projects in the Clayton and Lida Valley regions of Nevada, USA, including 70% in Clayton NE.
In addition, Advatage has acquired 100% of the Stella Marys lithium brine project, immediately adjacent to Orocobre’s Salinas Grandes project that hosts an inferred, near-surface resource, in Argentina’s Lithium Triangle.
FULL DISCLOSURE: Advantage Lithium is NOT an EQUITY.GURU client.