Lithium Ionic to raise C$25m

TSX-V-listed Lithium Ionic has announced a C$25-million private placement to fund exploration and development work at its mineral properties and for general corporate working capital purposes.

The company, which owns a 100% ownership interest in the Itinga project, in Brazil, has entered into an agreement with Clarus Securitiesas lead agent on behalf of a syndicate of agents, whereby the agents will raise up to C$25-million through a “best efforts” private placement of up to 15 625 000 common shares to be priced at C$1.60 a share.