Energy solutions group 92 Resources Corp (CVE:NYT) is set to raise up to C$1mln via a private placing to advance the group's projects and for working capital.
It wants to issue 10mln units at 10 cents each, with each unit consisting of one share and one-half a share purchase warrant, exercisable into one further share for one year at 15 cents.
If the closing price of the shares is at or above 20 cents for ten consecutive days, 92 Resources may provide notice that the expiry date of the warrants has been accelerated and that those not exercised within 30 days will expire.
Also today, the company said it had granted 1.72mln incentive stock options to officers, directors and consultants.
The options are exercisable at 10 cents each for two years.
92 Resources currently holds three main assets in Canada - the Hidden Lake lithium property, NWT, the Corvette Lithium Property, QC, and the Golden Frac Sand Property, British Columbia.
Shares in Toronto added 5% to C$0.10 on the day.