Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) said it has raised A$8 million (£4.2 million) with a placing to help fund work at its Ewoyaa lithium project in Ghana.
The shares were issued at a price of A$0.44 (23.35p), versus the last close at 49 cents and 25.10p.
Activities planned at Ewoyaa under the mining lease include numerous early works and permitting-related project expenditure, plus further extensional drilling to support the delivery of an upgraded mineral resource estimate by the third quarter of next year 2024.
Some will also contribute to working capital purposes.
Executive chairman Neil Herbert said the funding had seen existing and new institutional shareholders involved.
"As we await the completion and the receipt of the funds from the Minerals Income Investment Fund's investment, as well as the completion of the off-take process that is currently underway, the proceeds put the company in a strong position to continue advancing the Ewoyaa lithium project at pace," he said.
"With a number of key milestones ahead of us, we look forward to providing further updates on our progress in due course."