LITM - Snow Lake Resources prices $18M of shares offering by Nova Minerals

Snow Lake Resources (NASDAQ:LITM), d/b/a Snow Lake Lithium has priced of an underwritten block trade of 3M of the company's common shares at a public offering price of $6.00/share by its shareholder Nova Minerals, resulting in total gross proceeds to Nova Minerals of $18M. Snow Lake will not receive any proceeds from the sale of the common shares by Nova Minerals. Offering is expected to close on April 12, 2022. Pursuant to the closure, Nova Minerals will own 6.6M common shares of the company, or ~37% of the total outstanding common shares of the Company. In connection with the Offering, Nova Minerals agreed to lock-up its remaining shares until March 21, 2023. The extension of the underwriter lock-up for Nova's remaining 37% interest in Snow Lake highlights Nova Mineral's confidence in, and long-term commitment to Snow Lake, as it advances its vision of becoming a leading North American lithium supplier.

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Snow Lake Resources prices $18M of shares offering by Nova Minerals