SPOD Lithium completes second tranche of private placement for $88,000

SPOD Lithium Corp. (CSE: SPOD) (OTCQB: SPODF) completed the second tranche of its non-brokered private placement, raising gross proceeds of $88,000 from the sale of 4.4 million units priced at $0.02 each.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional shares at $0.05 each within 24 months of the closing date.

The company paid Raymond James Ltd. a cash commission of $3,200 and issued 160,000 finder's warrants, representing 8% of gross proceeds from purchasers introduced by the firm. The finder's warrants are exercisable at $0.05 for two years. No company insiders participated in the offering.

SPOD Lithium intends to use the net proceeds for general working capital purposes. All securities issued will be subject to a four-month-and-one-day statutory hold period from the issuance date.

The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

The Vancouver-based exploration and development company focuses on lithium resources with properties located in Quebec and Ontario, Canada. The company was founded in 2020.

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