HeliosX Lithium & Technologies Corp. announced it has entered into a non-binding term sheet which is subject to execution of a legally binding agreement for non-brokered private placement of 7,200,000 units at a price of CAD 0.85 for aggregate gross proceeds of CAD 6,120,000 on July 25 2022. The transaction included participation from new investor Ramas Capital Management LLC. Each unit shall consist of one common share in the capital of the company and one fully transferable common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one common share at a price of CAD 0.85 per common share for a period of 60 months from the date of issuance. All securities issued pursuant to the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. As per the terms of the transaction a member for Ramas Capital Management LLC will join the board of directors of the company.
The closing of the offering is subject to certain conditions including (a) completion of due diligence to the satisfaction of the institutional investor and negotiation, execution and approval of definitive transaction documentation; (b) receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The company expects to close the offering in August, 2022.