08:41 AM EDT, 06/07/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) said on Friday that it raised about $16 million in a non-brokered private placement offering with the proceeds earmarked for exploration and development of its Brazilian properties and for general corporate purposes.

Under the offering, which was led by long-term strategic shareholders, Fourth Sail Capital and the PowerOne Capital Group, the company issued about 17.8 million units at $0.90 apiece.

Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant will allow the holder to buy one common share for 18 months at an exercise price of $1.05.

The company's shares fell 2.4% to $0.81 in Canada yesterday.