08:15 AM EDT, 10/03/2025 (MT Newswires) -- Lithium Ionic ( LTHCF ) Friday closed the second and final tranche of its previously announced non-brokered private placement financing.

The company said, including the first tranche, it has issued about 26.1-million units at $0.70 piece for $18.3 million. The second tranche consisted of 7.7-million units for $5.4 million.

Each unit is comprised of one common share and one two-year warrant, and each warrant entitles the holder to buy a share for $0.90. Proceeds will be used for the development of its Brazilian properties and general corporate needs.

The company also said it intends to issue 7.8-milllion common shares to RTEK International DMCC pursuant to the services agreement dated April 2. The shares for services are consideration for RTEK's support with the successful completion of its NI 43-101 feasibility study and targeted capital expenditure reduction of US$75.2 million from its May 2024 feasibility study.

Shares of the company closed unchanged at $0.77 on the TSX Venture Exchange Thursday.