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Noram Lithium (OTCQB:NRVTF) announced a fully allocated non-brokered private placement of up to 10,675,000 units at $0.10 per unit for gross proceeds up to $1,067,500. Each unit includes one common share and one warrant exercisable at $0.15 for 36 months.
Net proceeds will fund general working capital, corporate overhead, and exploration and development. Certain insiders will participate; the related-party issuance is expected to be exempt from formal valuation and minority approval. The offering is subject to TSX Venture Exchange acceptance.
Noram Lithium announced an updated Mineral Resource Estimate (MRE) for its Zeus Lithium Project in Clayton Valley, Nevada. The updated MRE includes 564 million tonnes of Indicated Resources grading 956 ppm lithium and 287 million tonnes of Inferred Resources grading 861 ppm lithium. The high-grade core zone within the deposit includes 166 million tonnes grading 1,121 ppm lithium. The Phase VII drilling program, completed in January 2024, and improved geological models have bolstered the quality and quantity of data. Noram expects the high-grade core to support engineering studies, potentially producing 23,000 tonnes of high-purity lithium carbonate annually. The MRE was prepared by Big Rock Exploration and reviewed by SRK Consulting in line with CIM guidelines.
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