Eureka Lithium Corp. (CSE: ERKA) (OTCQB: UREKF) has announced an amendment to its warrant terms for the non-brokered private placement LIFE financing. The company aims to raise $1,250,000 by offering 8,333,333 units at $0.15 per unit.
The new terms state that the warrants will be exercisable only if shareholders approve or if the exercise does not exceed 100% of the current outstanding shares. The offering is set to close around the week of September 23, 2024, subject to regulatory approvals.

Eureka Lithium LIFE Financing Details

The net proceeds from this offering are intended to advance the company’s Quebec mineral exploration projects and general corporate purposes. The financing will be available to Canadian residents, excluding Quebec, under the NI 45-106 exemption, with no resale restrictions.

Impact of the Amendment

The amended warrant terms may affect immediate exercisability and are subject to shareholder approval, which could lead to potential dilution for existing shareholders if warrants are exercised. However, the proposed financing could significantly fund Eureka’s exploration initiatives in Quebec.

Prospective investors can access the amended offering document on the company’s website and SEDAR+ platform.

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