Snow Lake Resources, a Canadian producer of lithium for batteries, filed on Friday with the SEC to raise up to $23 million in an initial public offering.
Snow Lake is an exploration stage mining company engaged in lithium exploration in the province of Manitoba, Canada. It aims to derive substantial revenues from the sale of lithium hydroxide to the growing electric vehicle (EV) and battery storage markets in the US and abroad. The company has a limited operating history and has not generated any revenue to date.
Snow Lake hopes to become the first fully renewable energy powered electric mine in the world that can deliver a completely traceable, conflict free, net zero carbon, lithium battery to the EV consumer market. The company also intends to be the first lithium producer in the world to achieve Certified B Corporation status in the process.
The Toronto, Canada-based company was founded in 2018 and plans to list on the Nasdaq. It has not selected a symbol yet (RC ticker: SLR.RC). ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
