Advantage Lithium Corp. successfully raised C$12.0 million through a private placement of 15,585,956 common shares, the company said July 26.

Proceeds will be used to fund the development and exploration of the company's lithium properties in Argentina and for general working capital.

Advantage Lithium's flagship asset is its 75%-owned Cauchari lithium project. It also owns the Antofalla, Incahuasi and Guayatayoc lithium properties.

Meanwhile, Advantage Lithium said that an insider and 32.77%-shareholder Orocobre Ltd. exercised their rights to maintain its pro rata ownership in the company.