Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) has raised A$10 million (£5.1 million) through a share subscription backed by major shareholder Assore to fund ongoing work on the feasibility study at the Ewoyaa lithium project in Ghana.
New shares were issued at A$0.23 (11.73p) per share with Assore subscribing for three-quarters, which, on completion, will give it a 30.56% stake.
Atlantic's executive chairman Neil Herbert, chief executive Keith Muller, and non-exec Edward Koranteng are also investing A$290,000 in aggregate.
Net proceeds will help move the project towards a Final Investment Decision, Atlantic said in a statement.
Herbert said: "The successful placing, undertaken in a challenging market environment for lithium companies, demonstrates strong support for the Project from existing and prospective shareholders.
"Assore has proven to be a hugely supportive shareholder and partner since the company's admission to AIM, and through its participation in the Equity placement, it has demonstrated its ongoing belief in the project's success.
"With the proceeds allocated to completing key activities to advance Ewoyaa towards Project FID, the placing puts the company on firm footing to achieve its ambitions of delivering commercial spodumene production in Ghana.”