Patriot Battery Metals (ASX:PMT) has completed its flow-through offering, pocketing C$75 million ($82.63 million) fund exploration at its Corvette property in Québec, Canada.
More than 5.15 million flow-through shares were issued to institutional, professional, and sophisticated investors at C$14.54 each.
Patriot Battery, which has a market capitalisation of $572 million, says the settlement in Australia is expected to occur on 4 June, at which time about 4.6 million flow-through shares will have been converted to over 46 million chess depositary interests (CDIs), which will trade on the ASX.
Investors will be unable to convert their CDIs into common shares in Patriot for the first four months.
The 552,812 flow-through shares that will not be converted to CDIs will be subject to a four-month statutory hold period.
Euroz Hartleys and Argonaut Securities acted as joint lead managers on the transaction, on behalf of a syndicate that includes Bell Potter Securities.
Foster Stockbroking acted as co-manager, while Raymond James acted as international joint-lead manager on the transaction, on behalf of Canadian agents including BMO Capital Markets and National Bank Financial.
Patriot Battery Metals is a hard rock lithium explorer focused on advancing its wholly owned Corvette property, which has a resource estimate of 109.2 million tonnes at 1.42% lithium oxide.
Write to Aaliyah Rogan at Mining.com.au
Images: Patriot Battery Metals
