Cornish Lithium Ltd confirmed it has raised £5.2mln through its expectation-beating crowdfunding round on Crowdcube.
The company said that it has now closed the funding process.
READ: Cornish Lithium sees some of the world’s highest lithium grades
“We set out to raise £1.5 million. To be so massively oversubscribed in only three days is an amazing vote of confidence in Cornish Lithium, the team, and our plans for the creation, in Cornwall, of a vital new industry for the UK economy,” Jeremy Wrathall, Cornish Lithium chief executive said in a statement.
“Having raised more money than we expected means that we are now able to accelerate our plans to build an environmentally responsible lithium extraction industry in Cornwall while continuing to create value for our shareholders.
“With this additional funding, we can accelerate our drive towards the production of lithium from our geothermal waters project and from our hard rock project near St Austell as well as to advance our exploration program focused on other battery metals,” he added.