CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) said it has agreed a A$4 million (£2.1 million) fundraising through the issue of loan notes.
It said these new funds would provide liquidity and enable it to maintain its current activities and work programmes while it prepares for the planned dual-listing on the ASX.
Commitments for the funding have been secured from a number of existing and new investors, the company said, adding that last week it terminated the £1 million convertible loan notes announced in April.
The new loan notes subscribed for are for an aggregate amount of A$3.995 million, denominated in both Australian dollars (A$0.9126) and sterling (48p), carrying an entitlement to one warrant, each of which grants the holder the right to subscribe for one new ordinary share at a price of either A$0.456 or 24p. Each has a term of five years.
The company's closing share price on 28 June was 14p.
Steve Kesler, chairman and interim CEO, said: "The board considered it prudent to bring in the necessary funds now to provide for our working capital as we move forward towards the intended ASX dual-listing.
"We are grateful to the loan note holders for responding to our request for a short-term facility which is undertaken on what the board considers to be in line with reasonable terms for a loan facility of this type.
"This loan is intended to be a short-term bridging facility to be repaid from the proceeds of the next capital raise, which as previously announced, the company intends to conduct in connection with its dual-listing on the ASX.
"I was in Australia for meetings with various parties for 10 days recently, along with our advisors and fellow director Tommy McKeith, and we were very pleased at the reception to our company's story.
"We will update the market again soon on the next steps with the listing."
CleanTech said it terminated the agreement relating to the £1 million April CLNs due to the subscriber failing to pay the subscription monies.