Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) said on Friday it raised about C$2.87 million through the first tranche of a previously announced financing, as the Canadian lithium developer looks to advance its projects amid growing demand for battery metals.
The company issued 9.56 million units at C$0.30 apiece under the Listed Issuer Financing Exemption, with each unit consisting of one common share and one warrant. Each warrant entitles the holder to purchase an additional share at C$0.45 for five years.
Century Lithium aims to raise up to C$5 million through the full offering of up to 16.67 million units.
Certain insiders, including directors and officers, participated in the financing by purchasing a total of 168,333 units, the company said.
Century Lithium is advancing its 100%-owned Angel Island Mine in west-central Nevada.