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Enertopia arranges $360,000 private placement

Enertopia Corp intends to complete a non-brokered private placement equity financing of $360,000, the lithium explorer said on Friday
Enertopia arranges $360,000 private placement
Enertopia seeks funding

Enertopia Corp (CNSX:TOP, OTCMKTS:ENRT) intends to complete a non-brokered private placement equity financing of $360,000, the lithium explorer said on Friday.

Enertopia said it intends to issue four million equity units priced at nine cents, each equity unit consisting of one common share of the company and one non-transferable share purchase warrant, each whole warrant entitling the holder to purchase one additional common share of the company for a period of 24 months from the date of issuance, at a purchase price of 12 US cents, in order to raise gross proceeds of up to $360,000.

Enertopia intends to use the proceeds of the offering for continued exploration of the company's exploration projects and lithium brine recovery technology, as well as for general corporate and working capital purposes.

The actual allocation of the proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities. If the offering is not fully subscribed, the company may apply the proceeds of the offering in such priority and proportions as the board of directors of the company determines to be in the best interests of the company.

The offering will be completed pursuant to Multilateral CSA Notice 45-313 and the corresponding blanket orders and rules implementing CSA 45-313 in the participating jurisdictions in respect thereof and Multilateral CSA Notice 45-318 and the corresponding blanket orders and rules implementing CSA 45-318 in the participating jurisdictions in respect thereof.

As at the date hereof, the existing security holder exemption is available in each of the provinces of Canada, with the exception of Newfoundland and Labrador and the investment dealer exemption is available in each of Alberta, British Columbia, Saskatchewan, Manitoba and New Brunswick.

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