05:20 PM EST, 01/21/2025 (MT Newswires) -- Patriot Battery Metals ( PMETF ) after trade Tuesday said that it has completed a private placement with Volkswagen Group, raising C$69 million.

After the investment, Volkswagen now owns about 9.9% of Patriot's shares, the company added.

The funds will be used for exploration, development, and a feasibility study on the Shaakichiuwaanaan lithium project in Quebec, Canada, as well as for general working capital, the company said.

"As a high-grade and large-scale resource in North America, Shaakichiuwaanaan is well-placed to help meet the substantial demand growth for lithium that is forecast through to the end of this decade and beyond, and in the process to grow key western supply chains," Patriot's Chief Executive Ken Brinsden said.

Patriot shares closed down $0.21 to $3.39 on the Toronto Stock Exchange.