Snow Lake Resources, a Canadian producer of lithium for batteries, raised $24 million by offering 3.2 million shares at $7.50, the high end of the range of $6.50 to $7.50. The company offered 0.3 million more shares than anticipated.
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.
Snow Lake Resources plans to list on the Nasdaq under the symbol LITM. ThinkEquity acted as sole bookrunner on the deal.
