11:40 AM EDT, 06/03/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) on Monday said it is raising $15 million in a non-brokered private placement financing to strategic shareholders.

The company said it is placing 16.6-million share units with long-term strategic shareholders priced at $0.90 and made up a share and one half of an 18-month warrant to buy a second share for $1.05.

The company said the unnamed shareholders "are supportive of the company's strategy to become a near-term lithium producer in Brazil's 'Lithium Valley', a region of global significance for hard-rock lithium production".

Proceeds will be used for exploration and development of the company's Brazilian properties and general corporate purposes.

Lithium Ionic ( LTHCF ) shares were last seen up $0.06 to $0.86 on the TSX Venture Exchange.

Price: 0.86, Change: +0.06, Percent Change: +7.50